As much as they have large sums, billionaires also feel the loss of money. Of course, some losses are predictable as shareholders put money into their companies and can sell their shares.
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This time, the richest man in the world, Bernard Arnault, lost $11.2 billion in just one day. Elaborating a conversion, it would be approximately 55 billion reais.
The loss is due to concerns that the slowdown in the US economy may cause a decrease in demand for luxury goods, which sent LVMH shares down 5% in Paris.
He is a French businessman and one of the most prominent figures in the world of fashion and luxury. Namely, he is the chairman and CEO of LVMH Moët Hennessy Louis Vuitton, the largest luxury brand conglomerate in the world.
Arnault has strategic vision, management skills and elevates iconic brands such as Louis Vuitton, Dior and Fendi to global leader status. His wealth and influence in the industry make him one of the richest and most powerful people in the world.
The Frenchman is having a great year, at least financially. He saw a notable increase in his wealth as the stock prices of luxury companies soared. Even with the fall, LVMH shares have accumulated a 23% increase in the year.
So much so that, even with today's loss, he is still in first place. Behind him isElon Musk. The difference for the two decreased by US$ 11.4 billion. His fortune is currently estimated at $192 billion, according to the Bloomberg Billionaires Index ranking, updated daily.
Completing the top-5, behind them are Jeff Bezos, Bill Gates and Warren Buffett. On the list, the best placed Brazilian is Jorge Paulo Lemann, a Swiss-Brazilian economist and businessman.
