The wealth of the world's richest man, Bernard Arnault, lowers by $11 billion.

According to the Bloomberg Billionaires Index, the world's richest man, Bernard Arnault, lost $11.2 billion on Tuesday, cutting into his lead over Elon Musk.

As reported by Bloomberg, the retail giant’s $192 billion net worth has a $12 billion advantage over Musk's $180 billion fortune, down from $21 billion on Monday.

A market crash in the luxury industry caused by concerns that US consumer purchasing would stall due to economic uncertainty reduced Arnault's net worth.

On Tuesday, the unpredictability caused the shares of LVMH, where Arnault serves as chairman and CEO, to fall 5% to 834.2 euros, or $900.

The Frenchman's 97.5% ownership position in the holding company for the high-end fashion label Christian Dior, which holds 41.4% of LVMH, is the source of his riches.

In the estimation of Bloomberg, Arnault's is still up by around $30 billion so far this year, despite the one-day slump.

He has experienced a significant increase in his wealth this year as LVMH stock prices have risen in anticipation of strong demand for luxury products following China's economic reopening after nearly three years of stringent COVID-19 restrictions.

LVMH crossed the $500 billion milestone in market valuation for the first time ever in April.

Arnault also passed Jeff Bezos, the founder of Amazon, and Elon Musk, the CEO of Tesla, as the third individual ever to surpass a $200 billion net worth in the same month.

LVMH stock has increased by around 23% thus far this year.

(businessinsider.com, bloomberg.com)