As we summarize the year, it’s worth noting not only positive achievements but also significant failures. The well-known saying, «The rich get richer», did not hold true for everyone this year. Business Insider has compiled a list of the «poorest» billionaires who had an unlucky year in 2024.

At the top of this anti-ranking is the head of LVMH, Bernard Arnault, who lost $31 billion. Luxury brands faced significant challenges in the Chinese market, which is grappling with high youth unemployment and a prolonged real estate crisis.

Second on the list is L’Oréal heiress Françoise Bettencourt Meyers, who saw her fortune decrease by $25 billion. Mexican media tycoon Carlos Slim, whose net worth is $82 billion, experienced a $23 billion decline in wealth this year.

The year was also unkind to the wealthiest person in China, Colin Huang, owner of PDD Holdings (which includes marketplaces Temu and Pinduoduo). He lost $17 billion.

François Pinault, chairman of a luxury group that includes brands like Gucci, Balenciaga, Saint Laurent, and Bottega Veneta, lost $14 billion as his company’s shares plummeted by 40%.

Photo: Instagram @lvmh, @salmahayek