World's richest man Bernard Arnault prepares his children for succession with monthly lunches

The world's richest man, Bernard Arnault, Chairman and CEO of Louis Vuitton (LVMH), reportedly meets his five children once a month for lunch inside a private dining room at the headquarters of LVMH Moet Hennessy Louis Vuitton SE.

The lunch lasts for 90 minutes and begins with the French billionaire reading off his iPad and discussing strategy for his luxury business empire, according to a report by the Wall Street Journal (WSJ).

Arnault, the 74-year-old billionaire and chairman of LVMH, reportedly regularly seeks advice from his five adult children regarding the management of the company and the possibility of restructuring its numerous brands. This is seen as a way for Arnault to evaluate his children's potential as successors to the luxury empire.

However, he has not disclosed any information regarding who will take over the company, stating that the decision will be based on merit. These monthly consultations seem to be part of a larger plan to prepare his children for future leadership roles within the company, as reported by the WSJ.

How rich is Bernard Arnault?

With a net worth of US$208 billion on April 19, 2023, Bernard Arnault, LVMH's billionaire chairman, is the richest person on the planet, according to the Bloomberg Billionaires Index. He overtook Tesla CEO Elon Musk as the richest person on the planet late last year.

Arnault owns about half of the luxury brand conglomerate, having acquired a controlling stake in LVMH in 1989. The company boasts a wide range of luxury brands, including Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer and Dom Perignon champagne.

Arnault has also appointed his children to significant positions within the company, with Delphine being appointed head of Christian Dior, the second-largest brand in the empire. His son Antoine manages the holding firm that oversees LVMH and the family fortune, while Frederic Arnault serves as CEO of TAG Heuer. Alexandre Arnault is an executive at Tiffany, and the youngest of the Arnault siblings, Jean, is in charge of marketing and product development for Louis Vuitton's watch department.