Europe’s wealthiest man has lost $30 billion during Coronavirus crisis

The richest man in Europe and third-richest billionaire worldwide, has lost a whooping $30 billion due to the coronavirus pandemic, this is more than any other person worldwide.

Europe's wealthiest man has lost $30 billion during Coronavirus crisis



The coronavirus is an ongoing pandemic which has led to the lockdown of major cities globally.

71-year-old, Bernard Arnault, is the chairman and CEO of the prestigious luxury empire LVMH Moët Hennessy and oversees a portfolio of 70 luxury brands, including Louis Vuitton and Sephora.

While the economy is struggling globally due to the Coronavirus pandemic, LVMH shares has plummeted by 19% in a year, meaning Arnault’s net worth has plunged by a staggering $30billion, as calculated by the Bloomberg Billionaires Index.

As of May 6, the businessman had lost as much money as Jeff Bezos, chairman of Amazon.com Inc has gained, the news site reported.

Speaking on the development, Jean-Jacques Guiony, LVMH’s chief financial officer, said: ‘

We are very much long-term oriented. In a crisis a lot of people say things will never be the same, but we are still confident.’