Bernard Arnault, the chairman and CEO of LVMH Moët Hennessy Louis Vuitton, has seen his position on the Bloomberg Billionaires Index decline, moving him out of the top 10 wealthiest people globally. According to the latest index data, Arnault’s net worth has decreased to $143 billion.

This shift in ranking places Arnault behind Warren Buffett, the 96-year-old chairman of Berkshire Hathaway. The decline in Arnault's standing follows a period of fluctuating market performance for luxury goods, which has impacted the valuation of his holdings. While Arnault previously held the title of the world's richest person, the current market environment has led to a recalibration of his total wealth relative to other global billionaires.

The Bloomberg Billionaires Index tracks the daily changes in the net worth of the world's wealthiest individuals based on stock market performance and other financial disclosures. Arnault’s exit from the top 10 marks a significant change in the composition of the list, which is frequently reshuffled based on the volatility of tech stocks and luxury market trends. Neither Arnault nor LVMH representatives have issued a formal statement regarding the specific movement in the index rankings at this time.