The LVMH founder’s fortune dropped more than any other billionaire in 2024. Bernard Arnault, the CEO and chairman of LVMH, faced a significant decline in his wealth this year, with his fortune plunging by a staggering $20 billion, marking the most substantial loss among billionaires in 2024, as reported by Bloomberg. This setback has lowered his net worth to $187 billion, positioning him third on the Bloomberg Billionaires Index, trailing behind Jeff Bezos and the current leader, Elon Musk. Musk, the wealthiest individual globally, also saw a notable drop in his net worth recently, with a massive $21.7 billion decrease in a single day. Despite this, his fortune stands at a remarkable $240.5 billion, showing an $11.5 billion increase for the year, despite experiencing one of the most significant market-driven declines in Bloomberg's wealth index history. Bezos, the Amazon founder, holds the second position, trailing Musk by $37 billion, with a net worth of $204 billion. Additionally, China's wealthiest individual, Zhong Shanshan, faced a potential loss of his top position after a $13 billion decline, bringing his net worth to $54.8 billion. Arnault's recent financial challenges stem from a slowdown in luxury goods demand, notably in China. LVMH saw a 14% sales drop in Asia (excluding Japan) in Q2, with a 1% revenue decline in the first half of 2024. Arnault stressed LVMH's adaptability, calling it resilient. Kering, led by François Pinault, faces hurdles too, expecting a 30% profit decrease after a 42% drop in the first six months. Jean-Marc Duplaix, Kering's deputy CEO, notes ongoing negative trends, making future predictions uncertain. Both LVMH and Kering navigate these challenges with adaptability in the evolving luxury industry.