Luxury goods billionaire Bernard Arnault, once world's richest man, drops out of top 10 after $65B wealth decline

Once the world's richest man, Bernard Arnault, has fallen out of the top 10 in the Bloomberg Billionaires Index. As of last Friday, he had dropped to 11th place with a net worth of $143 billion, experiencing a staggering $65 billion decline since the start of the year. The luxury goods empire he built, comprising famous brands like Louis Vuitton, TAG Heuer, and Dior, has suffered greatly due to the ongoing war in the Middle East, which has reduced demand for its products in key markets such as Dubai.

Additionally, LVMH faced public backlash in China over a trademark dispute with a local tea chain, Molly. Arnault's wealth has been accumulated over several decades, and he has held the title of world's richest person multiple times since late 2022. With his exit from the top 10, an American tech-heavy lineup now dominates the list, led by Elon Musk with a $917 billion fortune.

Other top 10 members include Larry Page and Sergey Brin, Jeff Bezos, and Michael Dell, among others. Insider reports from French newspaper Le Monde have revealed a bitter succession battle among Arnault's five children, although he has denied these claims, emphasizing the unity of his family.