Bernard Arnault, the world’s richest person, had $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.

Read more: LVMH, Hermes Spark $30 Billion Luxury Stocks Rout on US Slowdown

Even with the selloff, the French billionaire still has a net worth of $191.6 billion, according to the Bloomberg Billionaires Index. He’s added $29.5 billion so far this year.

The gap between the fortunes of Arnault and Tesla Inc.’s Elon Musk, the world’s second-richest person, has shrunk to just $11.4 billion.

Tuesday’s rout came after a lengthy rally in LVMH’s share price, which is still up 23% for the year. The MSCI Europe Textiles Apparel & Luxury Goods Index has surged 27%.

Attendees at a luxury conference in Paris organized by Morgan Stanley flagged a “relatively more subdued” performance in the US, according to Edouard Aubin, an analyst at the investment bank.

Deutsche Bank AG analysts Matt Garland and Adam Cochrane said in a note that they expect investors to become more selective with European luxury stocks, with slowing growth in the US a concern.

--With assistance from Kit Rees and Jack Witzig.