The richest person in the world, the Frenchman Bernard Arnault, saw his fortune fall by 10,000 million dollars – about 9,300 million euros – this Tuesday when the shares of his luxury empire LVMH fell 5% on the stock market.

Owner of just over 40% of the group, the fluctuations in the markets are noticeable in his fortune, estimated at about 190,000 million dollars, about 176,000 million euros, according to Bloomberg. This Wednesday the shares are left another 2% in the early stages of the day.

Behind the fall are doubts about the US economy and new covid infections in China, which could reduce demand for luxury goods, the centerpiece of Arnault’s conglomerate.

For Arnault it is a small setback. The decline represents 5% of his wealth, as the evolution of shares. Despite this, since 2023 his fortune has grown by some 29,500 million dollars, or 27,400 million euros, in the heat of a 20% rebound in LVMH titles so far this year.

Arnault captains an empire of 75 top-level brands. They are distributed in fashion (Louis Vuitton, Christian Dior, Loewe, Fendi, Celine, Givenchy, Marc Jacobs, Kenzo); perfumery and cosmetics (Guerlain, Kenzo, Acqua di Parma); drinks (Veuve Clicquot, Hennessy, Moet, Mercier, Chandon, Dom PĂ©rignon, Belvedere); watches and jewelry (Tiffany, Bulgari, Hublot, Tag Heuer); stores (Sephora) and other businesses, such as the Belmond hotel group or the publications Les Echos or Le Parisien.

Deutsche Bank analysts argued in a recent report that investors are becoming more selective when it comes to investing in European luxury companies.

Now Arnault takes 12,000 million difference to the second richest, Elon Musk, who has a wealth of 180,000 million dollars, or 167,000 million euros, thanks mainly to Tesla.