“The Richest Man in the World, Bernard Arnault, Loses $11.2 Billion Due to Weakening US Economy and Decline in European Luxury Goods sector”

Frenchman Bernard Arnault, as the richest man in the world, lost $11.2 billion of his fortune in one day, due to fears that a weak US economy would reduce demand for luxury goods.

The founder of LVMH, whose brands include Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior dresses, for the better part of 2023 has seen his fortune soar as shares of European luxury goods companies soar.

But LVMH shares fell on May 23 by 5 percent, more than their rise during the whole year, amid the broadest decline in the European luxury goods sector, which resulted in a loss of about $ 30 billion.

Analysts at Deutsche Bank said they expect investors to become more selective about European luxury stocks amid a slowdown in US economic growth.