Bernard Arnault Drops Out Of Top 10 Richest Amid Tech Wealth Surge

French luxury billionaire Bernard Arnault has fallen out of the top 10 richest people in the world, ending his long-standing presence among the biggest fortunes. According to the Bloomberg Billionaires Index, Arnault’s net worth has declined to $143 billion, placing the LVMH founder below Warren Buffett, the 96-year-old chairman of Berkshire Hathaway. The change leaves the top 10 rankings entirely dominated by American billionaires.

Tesla and SpaceX CEO Elon Musk remains far ahead of the rest with an estimated fortune of $918.8 billion. The other leading positions are occupied by technology entrepreneurs including Larry Page, Jeff Bezos, Sergey Brin and Michael Dell. According to the reported rankings, this marks the first time since the Bloomberg wealth index was launched in 2012 that all 10 positions have been held by Americans.

Arnault’s wealth has fallen by $65 billion since the beginning of the year, the largest decline among the 500 people tracked by the index. His luxury empire has faced weaker demand in several important markets, with the war in the Middle East affecting business in shopping destinations such as Dubai. LVMH's portfolio includes major brands such as Dior, Louis Vuitton and Tiffany, as well as premium drinks including Dom Perignon and Hennessy.

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The company has also encountered challenges in China, one of the world's most important luxury markets. LVMH shares were 0.5% higher in early Paris trading on Friday, after the company was briefly overtaken by L'Oreal the previous day as France's largest company by market capitalisation. Meanwhile, the S&P 500 has gained 11% this year, with technology companies benefiting from strong demand linked to artificial intelligence.

Arnault had remained among the world's 10 richest people since March 22, 2017, including a brief period when he became the world's richest person in late 2022. He was the first person from outside North America to reach the top of the Bloomberg ranking and remained the only consumer-sector executive to do so. His rise came during a period when strong Chinese demand and post-pandemic spending helped drive the luxury industry.

LVMH shares reached a record high in April 2023 but have since faced weaker demand in China, uncertainty surrounding US tariffs and declining alcohol consumption in some markets. Arnault's fortune now ranks just above that of Walmart heir Jim Walton. Meanwhile, succession remains a major issue for LVMH, with Arnault's five children from two marriages all working at the company. All five appeared at a shareholders' meeting in April, although Arnault did not disclose who would eventually succeed him as chief executive.

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