Bernard Arnault is no longer the world’s second richest man

LVMH and fashion magnate Bernard Arnault is no longer the second richest man in the world. Amazon founder Jeff Bezos has overtaken him.

The French tycoon’s wealth has fallen below Bezos’s net worth amid slowing demand for luxury goods, losing $7 billion this year alone, according to the Bloomberg Billionaires Index. Over the course of three trading sessions last week, the company’s shares fell 10 per cent and are now down 3 per cent. By contrast, Bezos’ fortune has grown from $49 billion to $156 billion, putting him ahead of Arnault’s $155 billion.

Thanks to the rise in Amazon shares, Bezos’ net worth is up 58% this year. Due to the interest in AI, many mega-cap tech stocks have seen a rise. Both Bezos and Arnault have previously held the title of richest man in the world. In June, Elon Musk smashed Arnault. At the time, his wealth surged 40.3% to $192 billion thanks to Tesla. Now, the X owner’s fortune has risen to $234 billion thanks to Tesla’s share price rising by more than 100%.

LVMH is considering the acquisition of Richemont.