Big gains in luxury spending helped LVMH boss Bernard Arnault overtake Tesla CEO Elon Musk as the world’s richest man earlier this year. At its peak, Arnault’s wealth was north of $200 billion, thanks to handsome returns on LVMH’s key brands including Christian Dior and Louis Vuitton.
His wealth has since dropped—he holds second-place in the list of billionaires now—and it stands to fall further as consumers bite the bullet by curbing luxury spending amid economic woes.
