The world’s richest people, including Bernard Arnault, had collectively seen their net worth drop by $5.7 billion, as of the time of filing this report.
The Chairman of LVMH, Arnault, takes the lead with a loss of $2.6 billion, while India’s richest man, Mukesh Ambani follows with a decline of $1.6 billion. The owner of owner of Zara, Armancio Ortega, similarly suffered a $1.5 billion loss on Tuesday, April 9, 2024, according to Forbes data.
The change in the value of their assets and shareholdings in different companies is responsible for these fluctuations in wealth.
Arnault and Ortega are active in the fashion industry, where reports indicate that investors expect a sharp drop in luxury sales because of low demand from China.
Expectations are high for the first quarter results of luxury brands such as LVMH, Kering, Prada, and Hermes, starting with the LVMH report on April 16th.
Given, these challenges, global brokerage investment firm, Morgan Stanley, remains optimistic about the performance of companies such as LVMH, based on the potential for re-rating opportunities across their business sectors.
Meanwhile, the decline in Mukesh Ambani’s net worth can be attributed to the performance of his conglomerate, Reliance Industries Limited, RIL, which has seen a slight decline in its share price after a previous surge.
The net worth of Arnault, Ambani, and Ortega combined, is staggering at an incredible $443 billion, which reflects the considerable influence that these individuals have on the world’s economy.
