The coronavirus pandemic has cost LVMH's Bernard Arnault $30 billion - Business Insider

The coronavirus pandemic has cost Bernard Arnault more than $30 billion, far more than anyone else on the Bloomberg Billionaires Index.Shares of Arnault's luxury conglomerate, Louis Vuitton and Tiffany & Co. parent LVMH, are down more than 17% year to date.Arnault, 71, was the second-richest person in the world for a time when he briefly surpassed Bill Gates in 2019, CNN reported.Four of Arnault's five children work at LVMH brands that include Louis Vuitton, Rimowa, Berluti, and TAG Heuer. Visit Business Insider's homepage for more stories.

Before the coronavirus, luxury conglomerate LVMH was posting record-breaking revenues and sending Bernard Arnault's net worth soaring. That all changed over the past few months as the pandemic forced retail stores to close, left millions unemployed, and sent both LVMH's share price and Arnault's net worth into a free fall.Arnault has lost more money from his personal fortune during the pandemic than any other billionaire, Bloomberg reported. The 71-year-old CEO now has a net worth of $77 billion, down from $109 billion in January, per the Bloomberg's Billionaires Index.The French businessman is still the richest person in the fashion industry. Before the coronavirus, Arnault was growing richer at a faster rate than many other billionaires. In 2019, his fortune grew by more than $31.4 billion, according to Bloomberg's Billionaires Index. In March 2019, the French billionaire overtook Warren Buffett to become the third-richest person in the world. A few months later, he surpassed Bill Gates to become the world's second-richest person for a brief period before dropping back to third. And in October, Arnault made $5.1 billion within 48 hours after a surge in share prices of his conglomerate.

Here's a look at Arnault's career, life, and family.Marissa Perino contributed reporting.