The year 2024 has been marked by significant fluctuations in the fortunes of the world’s wealthiest individuals. As global economic conditions shifted—impacted by factors such as stock market volatility, geopolitical tensions, and industry-specific challenges—many billionaires saw their net worths decline dramatically.
The top three billionaire losers of 2024, show how even the most affluent can experience substantial financial setbacks in an ever-changing economic landscape. The losses reflect not only personal investment decisions but also broader market trends that have affected various sectors, particularly luxury goods and technology.
Read also: Top 10 biggest industries for billionaires in 2024
According to Forbes, here are the top 3 biggest billionaires losses in 2024
1. Bernard Arnault and Family
Bernard Arnault, the chairman and CEO of LVMH, experienced the largest financial loss among billionaires in 2024. His net worth fell by $77.8 billion, placing him fifth on the list of the world’s wealthiest individuals.
LVMH, a luxury goods conglomerate established in 1987 through the merger of Moët Hennessy and Louis Vuitton, saw a sharp decline in its stock price. Between March 8 and November 21, 2024, the company’s shares fell by 32%, closing at $605.1. Arnault, who has led the group since 1989, saw his net worth drop from its peak earlier this year to $155.2 billion.
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2. Françoise Bettencourt Meyers and Family
Françoise Bettencourt Meyers, the granddaughter of L’Oréal’s founder, faced a $29 billion reduction in her net worth. Her wealth stood at $70.5 billion as of November 21, 2024, placing her third among the wealthiest women globally, behind Alice Walton ($97 billion) and Julia Koch & family ($74.2 billion).
L’Oréal’s stock price fell by 28.1% during this period, closing at $339.9. This drop contributed to Bettencourt Meyers’s decline in the global billionaire rankings, where she moved down six positions to become the 21st richest individual in the world.
Read also: Top 7 degrees that produce the most millionaires
3. Gautam Adani
Gautam Adani, founder and chairman of the Adani Group, faced financial and legal setbacks that significantly impacted his net worth. His wealth fell by $26.3 billion, bringing his total to $57.7 billion as of November 21, 2024.
Adani was indicted in the United States on charges of bribery. According to a statement from the Department of Justice in New York on November 20, 2024, Adani and seven associates were accused of promising over $250 million in bribes to Indian government officials to secure lucrative solar energy contracts. A spokesperson for the Adani Group denied these allegations, calling them baseless.
The share price of Adani Green Energy, a key entity linked to the U.S. indictment, dropped by 40.6% during the period, closing at $13.6 on November 21, 2024. This marked another significant challenge for the conglomerate, which had already faced allegations of stock manipulation and accounting fraud in early 2023. Despite recovering after a favourable Supreme Court decision in India later that year, the new allegations renewed scrutiny of Adani’s businesses.
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