One of the Richest People on Earth Lost $53 Billion in 2024

Bernard Arnault, the French billionaire and chairman of luxury giant LVMH, experienced a substantial decline in his wealth in 2024.

His net worth dropped by over $53 billion as LVMH shares suffered a nearly 40% slide, reflecting a turbulent year for the luxury goods market.

By the end of 2024, Arnault’s net worth had fallen to $178 billion from its April peak of $231 billion. Despite the setback, Arnault remains one of the world’s wealthiest individuals, ranking sixth globally, following figures like Elon Musk and Jeff Bezos. This drop marks a rare downturn in an otherwise extraordinary decade of growth for the LVMH chairman, whose holdings have soared alongside the global demand for luxury goods.

Wealth Among the Ultra-Rich Continues to Expand
While Arnault faced challenges, the broader ultra-wealthy demographic continues to amass wealth at an unprecedented pace. A Deloitte report on private family offices highlights that assets managed by the richest families are projected to grow from $5.5 trillion today to $9.5 trillion by 2030.

Dr. Rebecca Gooch, global head of insights at Deloitte Private, explained that the mega-rich are rapidly growing their fortunes, driven by successful businesses and diversified investments. Despite market volatility affecting individuals like Arnault, this trend underscores the resilience and expansive potential of wealth accumulation among the world’s most affluent families.