The 77-year-old magnate has not been in Bloomberg Billionaires Index’s top 10 since last Friday, when he placed 11th with a net worth of $143 billion.
His net worth has fallen by $65 billion since the beginning of the year, the steepest decline among the world’s 500 richest people.
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LVMH chairman and CEO Bernard Arnault speaks at a press conference on Jan. 25, 2024. Photo by Reuters |
The luxury group has been heavily affected by the war in the Middle East, which has dampened demand for its brands in major shopping destinations like Dubai, according to Bloomberg.
Its sales in China, another key market, have also been hit by public backlash from its trademark dispute with local tea chain Molly.
Arnault amassed his fortune over the span of decades, building an empire that includes some of the world’s best-known luxury brands, such as Louis Vuitton, TAG Heuer and Dior.
He briefly held the title of the world’s richest person at several points beginning in late 2022, trading places at the top with tech billionaires including Jeff Bezos and later Elon Musk, as reported by Forbes.
His departure from the top 10 leaves an all-American lineup dominated mostly by American tech billionaires.
Musk now tops the Bloomberg index with a $917 billion fortune, followed by Alphabet co-founders Larry Page and Sergey Brin, Amazon founder Jeff Bezos and Dell Technologies CEO Michael Dell, whose fortunes range from $251 billion to $299 billion.
Rounding out the top 10 are Mark Zuckerberg, Larry Ellison, Steve Ballmer, Jensen Huang and Warren Buffett.
Forbes‘s real-time ranking includes the same names in its top 10, but places Arnault 14th with a net worth of $128 billion.
Besides sales, succession has emerged as a major issue surrounding Arnault and LVMH. French newspaper The World in July ran a six-part series about the billionaire, in which it reported on a bitter succession battle among his five children, who all work at the luxury group.
Arnault has dismissed the reports, insisting in a response letter that his family remains united, according to Reuters.