Europe
Bernard Arnault & family
Net worth: $223.6 billion Citizenship: France
At 74, Bernard Arnault heads the LVMH empire, which comprises 75 premier fashion and cosmetics brands like Louis Vuitton and Sephora. In 1984, he kickstarted his foray into luxury, using $15 million from his father’s construction fortune to acquire Christian Dior. Over the years, LVMH reached new heights, exemplified by the historic $15.8 billion acquisition of Tiffany & Co. in 2021, the largest luxury brand deal to date.
Arnault’s influence extends beyond fashion; his holding company, Agache, supports Aglaé Ventures, investing in tech giants such as Netflix and ByteDance, TikTok’s parent company. Arnault’s five children all work at LVMH. In January 2024, the billionaire nominated his sons Frédéric and Alexandre to sit on the company board in a move to secure long-term family control.
North America
Elon Musk
Net worth: $201.7 billion
Citizenship: U.S. Elon Musk, the world’s secondrichest person, has cofounded six enterprises, including Tesla, SpaceX, and the Boring Company. Holding around 21% of Tesla, the 52-year-old selfmade billionaire has pledged over half for personal loans up to $3.5 billion.
In 2023, SpaceX’s value skyrocketed to nearly $150 billion, experiencing a fivefold increase in four years. The Boring Company, which is dedicated to tackling traffic issues, achieved a $5.7 billion valuation after securing $675 million in April 2022.
This story is from the March 2024 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2024 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Reasons To Seek Adventure
Whether it’s the exhilaration of free-falling out of the sky or the thrill of being immersed among the shark-filled reefs of the Indian Ocean, adventure enthusiasts are drawn by the allure of life-changing experiences. Here are some reasons why.
THE MIDDLE EAST'S 30 MOST VALUABLE BANKS 2024
MENA’s banking sector has shown resilience over the last year, supported by higher interest rates and oil prices.
INVESTING AT YOUR FINGERTIPS
Ahmad Hammouda and Seif Amr, Cofounders of Egypt-based digital investment platform Thndr, are facing competition from brokerages and investment banks to democratize investing. Having seen exponential growth in four years, they’re now looking at expanding to the U.A.E. and Saudi Arabia.
THE MIDDLE EAST'S FINTECH 50
Despite a sharp decline in funding in 2023, the Middle East’s fintechs have embraced new technologies and expansion and remained resilient in the face of challenges such as high interest rates and geopolitical uncertainties.
A Destination Beyond Expectations
Madrid, Spain’s vibrant capital, pulsates with energy and visitors are invited to unwind a rich tapestry woven with history, art, gastronomy, and natural beauty.
LEANING IN
Hisham Al-Falih, Ashu Gupta, Aditya Sarkar, and Mehdi Tazi, Cofounders of Saudi-based Lean Technologies, have created one of the region's leading third-party regulated open banking platforms with $37 million in funding. Now, they're planning another funding round and expansion across key markets.
A Blueprint For Sustained Growth In The World Of EPC
NMDC Group demonstrates how strategic foresight, robust financial growth, and a commitment to sustainability and innovation are fueling its ongoing expansion and diversification in the EPC industry.
A Red Sea Escape That Has It All
From family fun to fine dining and comfortable workspaces, there is something for everyone at the stunning Zouni Beach in El Gouna, Egypt.
TRADITION TO INNOVATION
Ahmed Wadi, Founder and CEO of Money Fellows, Egypt’s biggest ROSCA platform, has been addressing the cash-centric country’s financial challenges by digitizing traditional money circles. Now, he has even bigger plans.
Seventy-Five Years Of Fashion Influence
Gedeon Group has long been at the forefront of fashion retail in the Middle East and Africa, and with the third generation now at the helm, the business is continuing its legacy into the future.
