Who got poorer in 2024: Billionaires' losses amid economic turmoil
In 2024, the financial world witnessed significant changes. While the ranks of the world's wealthiest remained largely unchanged — led by Elon Musk, Mark Zuckerberg and Jensen Huang — some billionaires experienced a substantial reduction in their fortunes.
Who lost the most?
Bernard Arnault
The head of luxury giant LVMH faced a crisis in the premium goods industry. Declining demand and market turbulence resulted in a loss of $31bn for him.
Françoise Bettencourt Meyers
The heiress to the L'Oréal cosmetics empire lost $25bn after the company's share price fell by 26% since the start of the year.
Carlos Slim
The richest man in Mexico lost $23bn as shares in America Movil, one of the world's largest telecommunications companies, began to plummet.
Colin Huang
The founder of the Chinese online platform Temu lost $17bn. The cause was a 30% devaluation of the company's shares, driven by weakening consumer sentiment. Moreover, Temu's management stated that the situation is unlikely to improve in 2025.
François Pinault
The creator of the Kering fashion group (owner of brands such as Balenciaga, Gucci and Saint Laurent) lost $14bn. The conglomerate's value has dropped by 40% since the start of the year.
Conclusion
2024 proved particularly challenging for representatives of the luxury sector and high-tech markets. Financial turmoil, declining purchasing power and stock market volatility led to significant losses among the world's largest billionaires.
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