Arnault is Biggest Billionaire Loser of 2024
December 31, 24
(IDEX Online) - Bernard Arnault is the biggest billionaire loser of 2024, according to the Bloomberg Billionaires Index.
The owner of luxury conglomerate LVMH started the year as the world's richest person, and remained at the top until September.
But he saw his $178bn fortune shrink by $30bn in the year to 30 December 2024 as his shares lost around a fifth of their value.
Arnault is CEO and a 48 per cent shareholder in LVMH.
Many of LVMH's 70 maisons - including Louis Vuitton, Dior, and Tiffany & Co. - have been struggling, and revenue from its watch and jewelry division slip by 5 per cent to $8.2bn during the first nine months of 2024.
The biggest winner was Elon Musk, with a net worth of $452bn, up $223bn during the year. Mark Zuckerberg was second with a gain of $84bn.