Bernard Arnault’s Fortune Dropped By $20 Billion This Year - 1 year ago

The LVMH founder’s fortune dropped more than any other billionaire in 2024. Bernard Arnault, the CEO and chairman of LVMH, faced a significant decline in his wealth this year, with his fortune plunging by a staggering $20 billion, marking the most substantial loss among billionaires in 2024, as reported by Bloomberg. This setback has lowered his net worth to $187 billion, positioning him third on the Bloomberg Billionaires Index, trailing behind Jeff Bezos and the current leader, Elon Musk. Musk, the wealthiest individual globally, also saw a notable drop in his net worth recently, with a massive $21.7 billion decrease in a single day. Despite this, his fortune stands at a remarkable $240.5 billion, showing an $11.5 billion increase for the year, despite experiencing one of the most significant market-driven declines in Bloomberg's wealth index history. Bezos, the Amazon founder, holds the second position, trailing Musk by $37 billion, with a net worth of $204 billion. Additionally, China's wealthiest individual, Zhong Shanshan, faced a potential loss of his top position after a $13 billion decline, bringing his net worth to $54.8 billion. Arnault's recent financial challenges stem from a slowdown in luxury goods demand, notably in China. LVMH saw a 14% sales drop in Asia (excluding Japan) in Q2, with a 1% revenue decline in the first half of 2024. Arnault stressed LVMH's adaptability, calling it resilient. Kering, led by François Pinault, faces hurdles too, expecting a 30% profit decrease after a 42% drop in the first six months. Jean-Marc Duplaix, Kering's deputy CEO, notes ongoing negative trends, making future predictions uncertain. Both LVMH and Kering navigate these challenges with adaptability in the evolving luxury industry.

Attach Product

Cancel

You have a new feedback message