Meet Bernard Arnault, the French billionaire who just became richer than Warren Buffett and controls luxury-goods empire LVMH

• Bernard Arnault just became the third-richest person in the world, surpassing Warren Buffett, Bloomberg reported.
• The 70-year-old French businessman is worth an estimated $83.1 billion.
• Arnault is chairman and CEO of LVMH, the world's largest maker of luxury goods that brought in nearly $53 billion in revenue in 2018.
• Four of Arnault's five children work at LVMH brands that include Louis Vuitton, Rimowa, Berluti, and TAG Heuer. 

French businessman Bernard Arnault, the richest person in Europe, just overtook Warren Buffett to be the third-richest person in the world, Bloomberg reported.

Arnault is worth an estimated $83.1 billion and Buffett is worth $83 billion, according to Bloomberg. Arnault surpassed Buffett by about $100 million on Tuesday.

Arnault is the chairman and CEO of LVMH Moet Hennessy Louis Vuitton SE, known as LVMH, the world's largest maker of luxury goods, making him the richest person in the fashion industry. LVMH, which recorded more than $53 billion in revenue in 2018, is made up of 70 companies including Christian Dior, Louis Vuitton, Dom Perignon Champagne, TAG Heuer, and Rimowa.

Arnault's wealth is now exceeded only by Jeff Bezos and Bill Gates.

In contrast to Bloomberg's update yesterday, Forbes' annual Billionaires' List released earlier that day estimates Arnault's total net worth to be $76 billion.

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Four of Arnault's five children are part of the LVMH empire. His daughter, Delphine, is the executive vice president at Louis Vuitton and apparent heiress to LVMH. 

Arnault, who lives in Paris and has a vacation home on the French Riviera, attended one of the most prestigious engineering schools in France and was named CEO of luxury goods holding company, Financiere Agache, in 1984, according to Bloomberg.

Here's a look at Arnault's career, life, and family.

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Bernard Arnault is the richest person in Europe, worth an estimated $83.1 billion. On March 5, he surpassed Warren Buffett to become the third-richest person in the world.

Source: Bloomberg

The 70-year-old French businessman is the chairman and CEO of LVMH Moet Hennessy Louis Vuitton SE, known as LVMH, a position he's held since 1989. LVMH is the world's largest maker of luxury goods.

Source: Bloomberg

The business is a family affair; four of Arnault's five children hold positions at LVMH brands.

Source: Bloomberg