THE WHAT? LVMH Chairman and CEO Bernard Arnault has fallen out of the world’s 10 richest people for the first time in years as weaker luxury demand weighs on the value of his stake in the group.
THE DETAILS Arnault’s fortune has fallen by US$65 billion since the beginning of 2026 to approximately US$143 billion, according to the Bloomberg Billionaires Index, placing him below Warren Buffett. Arnault had remained among the world’s 10 wealthiest people since 2017 and briefly held the top position beginning in 2022. The decline comes as LVMH faces weaker luxury spending in key markets including China, disruption to demand in Middle Eastern shopping hubs and uncertainty surrounding US tariffs. LVMH has also lost ground in the French stock market rankings, with L’Oréal briefly overtaking the luxury group by market capitalisation.
THE WHY? Arnault’s declining fortune reflects the wider pressure facing the global luxury sector after years of exceptional growth, particularly as weaker Chinese demand and geopolitical and economic uncertainty weigh on some of the industry’s largest groups.
Source: Bloomberg