Bernard Arnault’s fortune has fallen due to sales.
The world’s richest man, Frenchman Bernard Arnault, lost $11.2 billion of his fortune in a single day as a result of worries that the deteriorating US economy would lower demand for high-end items.
The majority of 2023 saw the founder of LVMN’s fortune increase due to the rising share prices of European luxury goods firms.
The luxury goods sector has been hit by slowdown fears in the US.
According to the Bloomberg Billionaires Index, the French billionaire is still worth $191.6 billion despite the sell-off, having gained another $29.5 billion this year. The difference in wealth between Arnaud and Musk, the second-richest person in the world, has also shrunk to $11.4 billion.
In a note, analysts at Deutsche Bank AG predicted that because the US economy is slowing, investors will be more choosy when buying European luxury stocks.
The shares of LVMN fell 5% on Tuesday in Paris as a result of a larger decline that cost the European luxury industry $30 billion.
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