Bernard Arnault loses $11.2 billion in one day as investors fear a slowdown in US growth will reduce demand for luxury products.

The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of the stocks of luxury companies in Europe. Within just one day, Bernard Arnault, the owner of the LVMH Group and the richest man in the world, lost $11.2 billion of his fortune. The reason: investors' concerns that the slowdown in growth in the United States would reduce the demand for luxury products.

The LVMH stock fell by 5% on the Paris Stock Exchange yesterday, marking its sharpest decline this year. All of this comes against the backdrop of a $30 billion wipeout of the stocks of luxury companies in Europe.

However, despite the loss of $11 billion, there is no need to worry about Arnault, whose net worth is estimated at $191.6 billion according to Bloomberg's World Billionaires Index, making him still the top-ranked individual. The gap between Arnault and the second-richest person in the world, Elon Musk, owner of Tesla and Twitter, narrowed to $11.4 billion.

It is worth noting that despite the current decline, Arnault's fortune has only been growing in 2023 and currently stands at $29.5 billion, thanks to a consistent 23% increase in LVMH stocks (even after the current downturn). Overall, the European textile and luxury goods index has risen by 27% this year.

Arnault became the richest man in the world in December 2022 when he surpassed Musk, who lost over $100 billion during that time due to a sharp decline in Tesla stock and the purchase of Twitter.