The 75-year-old French founder’s net worth stood at about US$174.5 billion, according to the index, ahead of Bill Gates but well behind No. 1 Elon Musk and other mostly tech industry billionaires in the top 10 whose fortunes have all swelled by double-digit billions this year.
Eighteen months ago, LVMH shares were trading at a record high and the group’s controlling shareholder, Bernard Arnault, was the world’s wealthiest person.
Fast forward to Wednesday and a slump in Chinese demand for Louis Vuitton bags, Dior gowns and other high-end fashion has wiped out more than €150 billion ($213.67 billion) in LVMH market capitalization. Arnault’s fortune has been relegated to fifth place on the Bloomberg Billionaires Index, which also shows that he has lost more money — US$37 billion — during the period than anyone else on the ranking of the world’s 500 richest people.
