“Bernard Arnault loses $11.2 billion in one day as luxury goods demand fears mount”

Bernard Arnault, the richest person in the world, lost $11.2 billion of his wealth in one day due to fears that a weak US economy might dampen demand for luxury goods.

Arnault’s fortune swelled during 2023 on the back of the rise in the stock prices of European luxury products companies led by “LVMH”, whose products include “Louis Vuitton” bags, “Moet & Chandon” products and “Christian Dior” fashion. Dior).

Some of the gains in Arnault’s wealth were pared on Tuesday after a slump Shares of “LVMH” rose 5% in Paris – recording the largest daily loss in more than a year – amid a broader decline that wiped out about $ 30 billion from shares in the luxury sector in Europe.

The first in Europe… The market value of “LVMH” exceeds $500 billion

Despite the selling pressures that hit the sector, Arno’s net wealth gains during the current year amounted to $29.5 billion, reaching $191.6 billion, according to the Bloomberg Billionaires Index, to narrow the difference between Arno’s fortune and Elon Musk, CEO of Tesla and the second richest person in the world. to only $11.4 billion.