LVMH’s Bernard Arnault Slips to Fifth Place After $32 Billion Loss in 2024

Bernard Arnault, the chairman and CEO of luxury conglomerate LVMH, was once the world’s richest person, but he lost that title in September 2024 following a significant 20% drop in his company’s stock, linked to ongoing geopolitical tensions.

As of now, Arnault’s net worth stands at $176 billion, a steep decline of $32 billion year-to-date, according to the Bloomberg Billionaires Index. He had previously reclaimed the top spot in May 2024 but slipped to fifth place after the September stock fall, which resulted in a staggering $54 billion loss due to declining revenues.

LVMH’s CFO, Jean-Jacques Guiony, attributed the company’s revenue drop to global geopolitical uncertainties.

Arnault has been no stranger to fluctuating rankings in the billionaire list. He first became the richest person in August 2021, driven by booming luxury sales in Asia, and has had several rises and falls since. In the current rankings, Arnault is now behind Elon Musk ($444 billion), Jeff Bezos ($244 billion), Mark Zuckerberg ($207 billion), and Larry Ellison ($190 billion).

Notably, Arnault is the only billionaire in the top five involved in the luxury goods sector, with the others being in tech. He is the only non-tech figure in the top 10, with Warren Buffett being another exception at 10th place.

LVMH currently boasts around 75 brands, spanning across various sectors including wines and spirits, fashion, leather goods, perfumes, cosmetics, watches, jewelry, and retail. Among its prestigious brands are Christian Dior, Bulgari, Givenchy, TAG Heuer, Hublot, Sephora, Tiffany & Co., and more, in addition to its wines and spirits division, which includes names like Chandon, Château d’Yquem, and Château Cheval Blanc.