Bernard Arnault plummets down the list of world’s richest men after a $54 billion collapse

LVMH's Bernard Arnault standing in front of a yellow and purple LVMH sign (Credit: Getty Images—Stefano Rellandini)

“As long as I’m not the richest man in the world, I won’t really be happy,” Bernard Arnault once said.

The day has come. Arnault, the founder and CEO of luxury goods conglomerate LVMH, went from being the richest person in the world to the fifth-most after a 20% drop in his company’s stock price, resulting in a $54 billion cut of his net worth.