Bernard Arnault, the head of the French luxury goods giant LVMH, has fallen out of the top 10 richest people in the world. According to Bloomberg’s estimates, his net worth has dropped by 56 billion euros since the start of 2026, bringing his total fortune to 123 billion euros (or about 143 billion dollars) as of this week. This decline has placed him in 11th place, overtaken by American investor Warren Buffett, who now holds the 10th spot with a fortune of 124 billion euros. Arnault had previously held the top spot in late 2022, briefly becoming the world’s richest person. The significant drop in Arnault’s wealth is largely attributed to the performance of LVMH’s stock, which has fallen by 36% this year. The company, which owns prestigious brands like Louis Vuitton, Céline, and Dior, has been affected by ongoing instability in the Middle East, which has dampened consumer spending on luxury goods. Additionally, declining demand in China, a major market for luxury products, has further hurt the company’s performance. Meanwhile, L’Oréal, a cosmetics and beauty company, has recently overtaken LVMH in terms of market capitalization in Paris, signaling a shift in the French market. In contrast, the U.S. stock market has shown strong performance in 2026, with the S&P 500 index rising by 11% due to the rapid growth of artificial intelligence and related technologies. This has benefited tech giants like Elon Musk, who remains the world’s richest person with a fortune of 791 billion euros. Other top spots are held by founders of major tech companies, including Larry Page and Sergey Brin of Google, Jeff Bezos of Amazon, and Michael Dell of Dell Technologies. For the first time since 2012, when Bloomberg began tracking the world’s largest fortunes, the top 10 positions are all occupied by Americans, primarily from the technology sector. Bernard Arnault’s fall from the top 10 is not entirely new. Forbes had already listed him as 11th in 2017, with an estimated net worth of 41.5 billion dollars. While his fortune has grown significantly since then, the recent market challenges have reversed his position. This shift highlights the volatility of wealth tied to global markets and the growing influence of the technology industry in shaping the world’s richest individuals.