French billionaire Bernard Arnault’s net worth shrank by more than $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 luxury goods manufacturer, which produces products such as TAG Heuer watches and Dom Perignon champagne.
According to Bloomberg’s Billionaires IndexArnault’s net worth fell from $231 billion to $178 billion between April and the end of 2024 – a drop of $53 billion. Arnault’s decline in net worth coincided with a nearly 40% shakeout in LVMH stock.
If you zoom out, Arnault’s net worth has risen exponentially over the past decade, and despite a rough 2024, he’s 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 predicts that ultra-wealthy families who manage their wealth through private offices will grow their fortunes from $5.5 trillion today to $9.5 trillion by 2030.
Dr. Rebecca Gooch, Global Head of Insights at Deloitte Private, says the mega-rich are growing their fortunes at a blistering pace.
“Thanks to profits from their businesses and broader investments, the world’s most affluent families have amassed wealth at breakneck speed – and we expect this trend to continue.”
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