Bernard Arnault, head of LVMH Moet Hennessy Louis Vuitton, experienced the most substantial wealth reduction among billionaires in 2024. Initially, Arnault was the richest person globally, holding this title from January until May. However, the decline in LVMH shares, spurred by reduced demand in China, led to a $25 billion decrease in his net worth, positioning him at fifth on Forbes’ Real-Time Billionaires ranking with $171.3 billion by mid-December.
The second largest decrease in wealth was faced by Mexico’s Carlos Slim Helú. His primary asset, a stake in América Móvil, suffered a near 20% share price drop, compounded by the Mexican peso’s devaluation against the U.S. dollar. This resulted in Slim’s fortune contracting by $22.9 billion, leaving him with an estimated $81.3 billion.
Francoise Bettencourt Meyers, heiress to the L’Oréal fortune, saw significant financial losses as well. The company’s sales in North Asia fell by 6.5% in the third quarter due to challenging market conditions in China. This led to a near 24% drop in share prices by December, erasing $22 billion from her wealth. Bettencourt Meyers remains the second wealthiest woman globally, with a net worth of $74.7 billion.
Colin Huang, founder of the online retail giant PDD Holdings, lost his status as China’s richest person following a sharp decline in his company’s stock value. The 31% fall began in August, when profits missed forecasts. By year’s end, Huang’s wealth had diminished by $15.3 billion, making him the fourth-richest individual in China with $36 billion.
Bill Gates, despite the restructuring of his assets rather than stock value declines, saw his net worth decrease by $12 billion. The financial reallocation became necessary following the resignation of his ex-wife, Melinda French Gates, from their foundation. Her announcement to receive $12.5 billion for philanthropic activities was traced back to Gates, leading Forbes to adjust the estimated divorce settlement to $29 billion as of October 2024.
While these losses are sizable, they pale in comparison to the record $378 billion lost by the top five billionaires two years ago. The $97 billion total loss among the top five billionaires this year is significantly less, and they maintain substantial wealth that mitigates the financial impact.
The financial downturns of these billionaires in 2024 reflect broader economic shifts, particularly outside the U.S. These shifts in wealth highlight the global interdependencies affecting market dynamics.
Source: Forbes
