Bernard Arnault Drops to Fifth in World’s Richest Rankings After $54 Billion Loss

The LVMH CEO's net worth plummeted due to a substantial decline in the company's stock price and broader market challenges.

Bernard Arnault's net worth fell from $231 billion in March to $177 billion, moving him from first to fifth place on the Bloomberg Billionaires Index.
The 20% drop in LVMH's stock price resulted in a $54 billion loss for Arnault, making him the biggest wealth loser among the top 500 individuals on Bloomberg's list this year.
LVMH's revenues dipped in the first half of 2024, with the wine and spirits division experiencing the most significant decline.
Analysts attribute the decline in luxury brand revenues to geopolitical tensions and a slowdown in high-spending Chinese consumer demand.
Despite the financial setbacks, Arnault has continued to invest in AI startups and other ventures, while also extending his tenure as CEO by pushing the retirement age to 80.