1 hr ago

Bernard Arnault Drops Out of World’s Top Ten Fortunes

Bernard Arnault is the leader of a large luxury company called LVMH.

His personal wealth fell to about $143 billion.

That pushed him out of the world’s top 10 richest people.

Elon Musk is now first on the list with about $918.8 billion.

The other top spots are held by Americans, many of whom made their money in technology.

LVMH has faced weaker demand in China and difficulties connected to the war in the Middle East.

The company also faces questions about who will lead it after Arnault.

All five of Arnault’s children work at the company, but he has not said who will replace him as chief executive.

Key facts

Arnault’s fortune: $143 billion
Arnault’s annual decline: $65 billion since the start of the year
Top-ranked billionaire: Elon Musk, with $918.8 billion
Top 10 composition: All 10 positions were held by Americans for the first time since the index launched in 2012
Arnault’s former ranking: He had remained among the 10 richest people since March 22, 2017
LVMH brands mentioned: Dior, Louis Vuitton, Tiffany, Dom Pérignon and Hennessy
Succession: Arnault has five children who work for LVMH; his successor has not been identified

NDTV · 1 hr ago