The impact of the war was not limited to market disruptions but extended to the fortunes of the world's top billionaires.

One of the most affected was French billionaire Bernard Arnault, founder, chairman, and CEO of LVMH, and the richest man in Europe, who suffered losses estimated at around $50 billion during the first three months of 2026, according to Forbes estimates.

This sharp decline coincided with a nearly 26% drop in the group's stock, marking its worst start to a year in history, along with a 16% decrease in revenue compared to the last quarter of 2025, due to the war crisis and consumers' retreat from purchasing luxury goods.

The pressures did not stop there; the stock continues its steep downward trajectory, surpassing in severity periods of major crises such as the 2008 global financial crisis, the COVID-19 pandemic, and the internet bubble burst.

As a result, Arnault's wealth, which owns about 50% of LVMH shares, along with minority stakes in Hermès and Birkenstock, declined from a peak of $233 billion to approximately $151 billion currently.

According to Forbes estimates, this decline has dropped him to the ninth position globally among the world's wealthiest, after having topped the list intermittently between 2019 and 2024.

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