World’s Richest Man Loses $11 Billion After LVMH Stock Rout

France’s Bernard Arnault sees fortune drop amid selloff
Luxury goods sector hit by worries over slowing US growth

China Worries Spur $56 Billion Luxury Rout

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Amanda Albright

May 23, 2023 at 8:40 PM UTC

This article is for subscribers only.

Bernard Arnault, the world’s richest person, had $11.2 billion wiped from his fortune in one day over concerns that a softening US economy will dampen demand for luxury goods.

The founder of LVMH — whose offerings include Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior gowns — had seen his wealth balloon for most of 2023 as share prices of European luxury companies surged.