French Billionaire Bernard Arnault’s net worth shrunk by over $53 billion in 2024 after a major correction in his stock portfolio.
Arnault is the chairman and 48% owner of LVMH Moet Hennessy Louis Vuitton, the world’s largest manufacturer of luxury goods, which produces products like TAG Heuer watches and Dom Perignon champagne.
According to Bloomberg’s Billionaire Index, Arnault’s net worth dropped from $231 billion to $178 billion between April and the end of 2024 – a $53 billion drop. The dip in Arnault’s net worth coincided with a nearly 40% shakeout in LVMH shares.
When zooming out, Arnault’s net worth has gone up exponentially in the last decade, and despite a rough 2024, he is still the sixth richest person in the world, behind Elon Musk, Jeff Bezos, Mark Zuckerberg, Larry Ellison, and Larry Page.
In its recent Private’s Family Office Insight Series, Deloitte projects ultra-rich families who manage their wealth through private offices will grow their fortunes from $5.5 trillion today to $9.5 trillion in 2030.
Dr. Rebecca Gooch, Deloitte Private’s global head of insights, says the mega-wealthy are growing their fortunes at a blistering pace.
“Off the back of gains in their operating businesses and wider investments, the world’s most affluent families have been accumulating wealth at a meteoric pace – and we expect this trend to continue.”
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