Bernard Arnault, the world's richest person, had US$11.2 billion wiped from his fortune in one day over concerns that a softening US economy will dampen demand for luxury goods. The founder of LVMH - whose offerings include Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior gowns - had seen his wealth balloon for most of 2023 as share prices of European luxury companies surged. On Tuesday, he gave back some of those gains. LVMH shares fell 5% in Paris - the most in more than a year - amid a broader decline that erased about $30 billion from the European luxury sector.

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