LVMH CEO Bernard Arnault believes assets jumped by $19 billion overnight.

The world’s richest billionaires have seen incredible gains and losses this year, from Oracle’s Larry Ellison briefly dethroning Elon Musk to the top spot, before quickly losing $34 billion. USD, ahead of Bill Gates, who slipped in the rankings after philanthropic donations wiped out $51 billion. USD of his net worth. Now, after months of turmoil, LVMH’s Bernard Arnault is the latest entrepreneur to rise Bloomberg Billionaire Index after his company’s earnings report.

Between October 14 and 15, Arnault’s net worth increased from $173 billion to $192 billion. That’s a staggering $19 billion overnight profit.

The rise in wealth has propelled him from the world’s eighth-richest person to seventh, overtaking former Microsoft CEO Steve Ballmer, who is currently worth $176 billion. This is likely a welcome boom as Arnault’s net worth in 2025 has fluctuated wildly, and LVMH’s CEO has bled billions since March.

The ups and downs of the luxury market have catapulted Arnault up and down the billionaire list. As the leader of LVMH, which owns 48% of the business, its wealth depends largely on consumers buying luxury products such as Louis Vuitton bags, TAG Heuer watches and Dom Perignon champagne. However, Arnault’s current price is $192 billion.

in 2025 LVMH reported a positive outlook at the start. Despite the “unfavorable economic environment”, in 2024 revenues amounted to 84.7 billion EUR (98.8 billion USD), and the profit increased by 19.6 billion.

But in the coming months, the billionaire’s fortune will drop to a record low of $148 billion. USD in April and 146 billion USD in June. From his peak in January, he lost $63 billion through June, before his net worth began a steady decline again — all thanks to a volatile luxury market with rates and changing consumer preferences.

But Arnault’s losing streak seems to have turned around (at least for now). Its fortunes rose sharply for the first time in months on Tuesday after the company reported a 1% rise in third-quarter revenue to $18.3 billion. EUR ($21.2 billion); LVMH’s first period of growth since the start of the fiscal year. The company’s shares rose 12%, the second-biggest market gain in the luxury fashion conglomerate’s 38-year history.

While the CEO is currently on top of his $19 billion raise, Arnault will struggle to recapture the $209 billion peak as analysts predict a three-year slowdown in luxury purchases.

Many consumers began to turn away from luxury goods; Fed up with a lack of ingenuity, skyrocketing everyday costs and, of course, declining quality, shoppers are thinking twice before splashing out on designer goods. And researchers have found that this change in choices can have long-lasting effects.

Earlier this year, McKinsey predicted that between 2024 and 2027 the global growth rate of the luxury industry will slow to just 1-3 percent. The study also found that instead of buying Manolo Blahnik heels or Hermès handbags, luxury shoppers are increasingly opting for wellness and travel experiences. This change in taste has already been reflected in the market: high net worth consumers are simply buying less. Based on 2024 According to Bain & Company research, only a third of the luxury sector reported positive growth last year.

Bain & Co. described the conundrum of luxury as a “value equation” problem: Do buyers feel as though they are getting enough of what they buy in terms of experience, social and cultural relevance, or craftsmanship? One of the study’s authors, Claudia D’Arpizio, noted that big brands tended to cross-market with “incoming items like streetwear, sneakers and even beauty, all categories that may have been more relevant to young people, but also to people with less discretionary spending.”

But the move may have backfired and “overcorrected” the problem, D’Arpizio said Fortune. Instead of letting quality or design speak for itself, brands have relied heavily on their logos or expertise, stifling their innovation in the process. This has led consumers to question whether they should buy expensive items.

This story originally appeared on Fortune.com