Who got poorer in 2024: Billionaires' losses

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.