All-American roster takes over world’s top 10 fortunes

For the first time since the Bloomberg Billionaires Index was launched in 2012, all 10 of the world’s richest people are Americans, with French luxury magnate Bernard Arnault falling out of the top tier as technology billionaires dominate the rankings.

Arnault’s fortune fell to $143 billion on Thursday, according to the Bloomberg Billionaires Index, putting the 77-year-old founder of LVMH below Warren Buffett, the 96-year-old philanthropist and chairman of Berkshire Hathaway.

Elon Musk remains the world’s richest person by a wide margin, with a fortune of $918.8 billion. He is followed by a roster of US technology entrepreneurs that includes Larry Page, Jeff Bezos, Sergey Brin and Michael Dell.

Arnault’s decline has been particularly pronounced since the beginning of the year. His fortune has fallen by $65 billion, the largest drop among the 500 people tracked by the index.

The luxury tycoon’s businesses have been hit by the war in the Middle East, which has curbed demand at major shopping hubs such as Dubai for LVMH brands including Dior, Louis Vuitton and Tiffany, as well as high-end alcohol products such as Dom Pérignon champagne and Hennessy cognac.

LVMH has also faced headwinds in China, a crucial market where a trademark dispute with a local tea maker has weighed on sales.

By contrast, the S&P 500 has gained 11% this year, with technology companies helping drive the rally amid strong demand linked to artificial intelligence.

Arnault had ranked among the world’s 10 richest people since March 22, 2017, and briefly moved in and out of the top spot beginning in December 2022. He was the first person from outside North America, and the only consumer-goods magnate, to reach the top of the ranking. No other person from outside North America has followed him since.

His rise came during a markedly different period for the luxury industry, when Chinese consumers were driving sales and companies such as LVMH benefited from pent-up demand after pandemic restrictions were lifted.

LVMH shares reached a record high in April 2023 but have since come under pressure amid sluggish demand in markets such as China, uncertainty surrounding US tariffs and declining alcohol consumption in some markets.

Arnault’s fortune now ranks just above that of Jim Walton, the second-generation heir to the Walmart fortune.

Succession is also emerging as one of the biggest issues surrounding Arnault and LVMH. All five of his children from two marriages work for the luxury group, and for the first time they all spoke at a shareholders’ meeting in April.

At the meeting, Arnault declined to answer a question about who would eventually replace him as chief executive officer.

By Tamilla Hasanova