The richest man in the world loses $11 billion in one day

2023-05-25 07:40:00

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 regarding $ 30 billion.

According to the billionaires ranking ofbloombergThe value of the French billionaire’s fortune is still estimated at $191.6 billion, and he added $29.5 billion to it this year. While the gap between the fortunes of Arno and Elon Musk, the second richest man in the world, has shrunk to $11.4 billion.

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

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