After the selloff, Bernard Arnault’s net worth stands at $191.6 billion (Photo by Jérémy Barande)|Ecole Polytechnique Université Paris-Saclay|CC BY-SA 2.0
LVMH founder and the world’s richest person, Bernard Arnault, lost $11.2 billion from his fortune in a day amid worries about a slowing US economy and its impact on luxury goods demand.
Shares of the company fell 5%, the most in more than a year. The French billionaire has added close to $30 billion this year. After the selloff, his net worth stands at $191.6 billion, per Bloomberg Billionaires Index.
Fears of a softening US economy sent jitters down the whole of the European luxury sector, which lost nearly $30 billion on Tuesday.