LVMH boss takes US$20b hit

French tycoon Bernard Arnault's net worth has plunged this year by more than anyone else's on the Bloomberg Billionaires Index, as demand for luxury goods continues to sour.

The founder of fashion-to-Champagne conglomerate LVMH has seen his fortune drop by US$20 billion (HK$156 billion) during the period to US$187 billion, according to the ranking of the world's 500 wealthiest people. After the company's shares took a beating on disappointing results this week, Arnault's losses surpassed the US$18 billion racked up by China's richest man, Zhong Shanshan.

Meanwhile, the wealth of Elon Musk, the world's richest person, plummeted US$21.7 billion after the electric-car maker reported disappointing quarterly results.