LVMH founder Bernard Arnault is no longer the world's second-richest person, with his total wealth falling below Jeff Bezos' net worth amid signs of a slowdown in demand for luxury goods.

The French tycoon — whose ruthless attitude to business has earned him the nickname the "wolf in cashmere" — has lost $7 billion in 2023, according to the Bloomberg Billionaires Index.

LVMH's slumping share price has chipped away at Arnault's personal fortune. Shares of the luxury-goods conglomerate — which owns brands like Louis Vuitton, Moët & Chandon, and Hennessy —  slid 10% over just three trading sessions last week, and are now down around 3% this year. A key catalyst was the company's latest earnings report, which showed its sales growth softening.

In contrast, Bezos' fortune has ballooned by $49 billion to $156 billion, putting him just ahead of Arnault's $155 billion on Bloomberg's rich list. Bezos' net worth has jumped thanks to Amazon shares surging 58% this year, as mega-cap technology stocks have climbed on the back of AI excitement and growing hopes that the Federal Reserve will end its war inflation and begin cutting interest rates in the near future.

Both Bezos and Arnault have previously held the title of the world's richest person, but they currently trail Elon Musk. The controversial X owner's personal fortune has swelled by $97 billion to $234 billion this year, thanks to Tesla's stock price surging by over 100%.