Bernard Arnault, the richest person in the world, has reportedly been auditioning his five children to run his luxury empire Moët Hennessy Louis Vuitton SE (LVMH). LVMH includes several brands such as Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne.Every month, the French billionaire invites his four sons and a daughter for a 90-minute lunch inside a private dining room at the LVMH headquarters and asks them for advice on given topics, which he prepares beforehand.By effectively auditioning his adult offspring to see who will lead the luxury empire, which currently ranges from the Champagne vineyards of France to handbag-making operations in Italy and Texas, Arnault is asking for feedback on specific managers within the company.According to sources, the monthly meetings are a decade-long plan of Arnault, by which he is preparing his children to look after the empire. It is also anticipated that the successor will be chosen based on merit, however, there is no indication of who it might be.All of his children currently work for the premium brand in significant roles. According to the reports, Delphine, the eldest and only daughter, has been chosen as the CEO of Christian Dior, the second-largest brand in the empire. The responsibility for running the holding company that manages LVMH and the familys wealth was assigned to her brother Antoine. The eldest, Jean Arnault, is the head of marketing and product development for the watch division of Louis Vuitton, while Frederic Arnault is the CEO of TAG Heuer and Alexandre Arnault works as an executive at Tiffany.The list is long for billionaires, but here are the top five billionaires of the world.Net Worth of Bernard Arnault and FamilyBernard Arnault tops the list of billionaires in the world. As per Forbes, the net worth of Bernard and his family is USD 243.5 billion, which consists of all the massive brands with more than 70 organisations, including Louis Vuitton and Sephora. French billionaire, Bernard Arnault was the richest man in Europe. Elon MuskAs per Real-time Net Worth, Elon Musk stands at second position on the list with a net worth of USD 175 billion. Six businesses were launched by Elon Musk, including the electric vehicle manufacturer Tesla, the space exploration company SpaceX, and the startup Boring Company. Between stock and options, he controls around 23 percent of Tesla, but more than half of those shares are being used as collateral for loans.After a funding round in May 2022, SpaceX, which was started in 2002, will be valued at USD 127 billion. In April 2022, Boring Company, which seeks to eliminate traffic, raised USD 675 million at a USD 5.7 billion value. The board of Twitter decided to sell the firm to Musk in April 2022 for USD 44 billion after Musk revealed a 9.1 percent share and threatened a hostile takeover.Jeff BezosThe Chairman and founder of Amazon, Jeff Bezos captures the third position in the list. Bezos founded the company in 1994 out of a garage. He stepped down as the CEO in 2021 to become executive chairman. He owns a bit less than 10 percent of the company. Reports also said that he has donated more than USD 400 billion worth of stocks to non-profit organisations in 2022 but the names are still unclear.Larry EllisonLarry Ellison, the CTO and founder of Oracle grabs fourth position in the list with a net worth of USD 118.8 billion. He owns about 35 percent of the shares of the company. In 2020, Ellison moved permanently to the Hawaiian island Lanai, which he bought nearly USD 300 million, in 2012.Apart from this, Ellison was also part of Teslas board from December 2018 to August 2022. He still owns about 15 million shares of the carmaker.Warren BuffettThe multi-billionaire, Warren Buffett, CEO of Berkshire Hathaway, is one the most successful investors of all time. The parent company of Buffett owns dozens of other companies which include, Geico, Duracell, restaurant chain Dairy Queen and others.Over 99 per cent of his money will be donated, Buffett has vowed. He has donated more than USD 51 billion thus far, primarily to the Gates Foundation and the charities of his children.
