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.