You win some, you lose some. LVMH CEO and chairman Bernard Arnault has taken a hit in the wealth department compared to his high-earning counterparts. The Frenchman’s fortune plummeted by a whopping $20 billion this year, the biggest loss of any billionaire in 2024, Bloomberg reported.
The decline has brought his net worth down to $187 million, and he now sits in third behind Jeff Bezos and frontrunner Elon Mus k on the Bloomberg Billionaires Index, which ranks the world’s 500 wealthiest people. Musk, who’s currently the richest person in the world, also experienced a significant decrease in his net worth on Wednesday. The Tesla cofounder’s fortune plunged a staggering $21.
7 billion in a single day. However, he’s still worth an eye-watering $240.5 billion and is up $11.
5 billion for the year despite facing one of the largest market-driven drops in the history of Bloomberg’s wealth index. In second position, as previously mentioned, is Bezos. The Amazon founder is only $37 billion behind Musk with a net worth of $204 billion.
At the same time, China’s richest man, Zhong Shanshan ($54.8 billion), could be dethroned following a $13 billion loss. Arnault’s decline comes amid a slowdown in demand for luxury goods , especially in China.
LVMH recorded a 14 percent slump in sales in Asia (excluding Japan) in the second quarter. For context, that’s a 6 percent slip compared to Q1 sales. Arnault’s conglomerate also noted that its overall revenue growth had dipped 1 .