“Bernard Arnault, World’s Richest Man, Loses $11.2 Billion in One Day Due to Weakness in US Economy”

Al-Marsad Newspaper: Frenchman Bernard Arnault, the richest man in the world, lost $11.2 billion of his fortune in one day.

According to “Novosti”, this happened due to fears that the weakness of the US economy will reduce the demand for luxury goods.

According to Bloomberg’s billionaire classification, the French billionaire’s wealth is still estimated at $191.6 billion, and he added $29.5 billion to it this year.

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

But LVMH shares fell on May 23 by 5%, more than their all-year high, amid the broadest downturn in the European luxury goods sector, resulting in a loss of about $30 billion.