French luxury goods tycoon Bernard Arnault fell out of the top 10 list of the world’s biggest fortunes, leaving an all-American roster of mostly tech billionaires to dominate the rankings.
Arnault’s net worth fell to $143 billion on Thursday, according to the Bloomberg Billionaires Index, pulling the LVMH founder below Warren Buffett, the 96-year-old philanthropist and chairman of Berkshire Hathaway Inc.
Elon Musk leads the list by a long shot with a $918.8 billion fortune, followed by tech company entrepreneurs including Larry Page, Jeff Bezos, Sergey Brin and Michael Dell. It’s the first time since the wealth index’s 2012 launch that all the top 10 spots were held by Americans.
Arnault’s slump has been especially pronounced since the start of the year, with the 77-year-old’s fortune declining by $65 billion, the most among the 500 richest. The war in the Middle East has hit his businesses hard, curbing demand in shopping hubs such as Dubai for LVMH brands ranging from fashion purveyors Dior, Louis Vuitton and Tiffany to high-end alcohol such as Dom Perignon champagne and Hennessy cognac. It has also run into roadblocks in China, a key market where its trademark fight with a local tea maker has hurt sales.
Meanwhile, the S&P 500 Index of US stocks has rallied 11% this year, with tech companies helping drive those gains on AI-related demand.
Arnault has been among the 10 richest people since March 22, 2017, including a brief on-and-off stint in the top spot beginning in December 2022. He was the first person from outside North America — and the only consumer mogul — to reach the pinnacle and none have followed him since.
That feat came during a far-different era for the luxury industry when Chinese consumers were still driving sales and companies like LVMH cashed in on the pent-up shopping demand that followed the pandemic’s restrictions. The company’s stock reached a record in April 2023 but has since suffered from sluggish product demand in places like China, the uncertainty created by US tariffs and falling alcohol consumption in some markets. His fortune is now ranked just above Walmart Inc. second-generation heir Jim Walton.
Succession is among the biggest issues swirling around Arnault and his five children from two marriages who all work for the luxury company. For the first time, they all spoke at a shareholders’ meeting in April when Arnault dodged a question about who would replace him as chief executive officer.
Written by: Tara Patel — With assistance from Angelina Rascouet and Jack Witzig @Bloomberg
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