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In this issue

Forever Young By weaving together tradition and trendiness, LVMH’s Bernard Arnault has created the world’s largest luxury empire and a $100 billion fortune. Now he is ready to scale up. By Susan Adams. Private Equity’s New Billionaire Machine As calls for taxes on the superrich grow louder, Wall Street’s smartest dealmakers have quietly discovered a new way to unlock value and circumvent taxes. It’s minting buyout billionaires by the dozen. By Nathan Vardi and Antoine Gara. The Host With the Most With his acquisition of Starwood three years ago, Arne Sorenson created the world’s largest hotel empire. Globally, 20% of new hotel rooms being built are now Marriott properties—and Sorenson still thinks his company isn’t big enough. By Biz Carson.

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