The value of the combined business assets of France's 500 richest people has risen by almost 17% in one year to reach an estimated record of €1,170 billion, according to the Challenges business magazine rankings published on Wednesday.
The vast majority of the growth is down to the growth of almost €150 billion in the wealth of the world's number one luxury goods company – LVMH, an empire which owns brands such as Louis Vuitton, Bulgari, Moët, and Princess Yachts, among many others.
At the head of the major business operation is Bernard Arnault, who has dominated French wealth rankings since 2017 with a family fortune estimated at €203 billion euros this year. Challenges notes that this is a huge gain from the €149 billion value of the conglomerate in 2022.
Ce mec là, Bernard Arnault, a construit un empire colossal 😨 A tel point qu'il est le 2ème homme le plus riche du monde avec une fortune estimée de 229 Milliards d'euros C'est plus que le PIB du Qatar 😱 Et vous, cela vous inspire ou, au contraire, vous terrifie ? 🤑 ou 🤮 pic.twitter.com/4x6mSvptzP
— Cℎris.e | Finance 🔥 (@Christo75495391) July 2, 2023
Tweet translation: Bernard Arnault has built a colossal empire with a fortune estimated at €229 billion – more than the GDP of Qatar!
Arnault was ranked by Forbes magazine as the richest man in the world, displacing the better-known names of Elon Musk and Jeff Bezos, that have previously occupied this position.
Land of fortune(s)
Not only home to the world's wealthiest individual, France also counts among citizens Axel Dumas – who owns with his family the multi-billion euro Hermès luxury design house (€138 billion euros).
This is followed by the Wertheimer family, which owns luxury brand Chanel (€100 billion). The world's richest woman – Françoise Bettencourt Meyers – is also French and owns L'Oréal, worth €77 billion.
In addition to the highly lucrative luxury sector, growth has been driven by acquisitions in the French wine industry, notably those of the Pinault family (Kering, €31 billion), which has "paid out several hundred million" to invest in champagne.
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"Beyond the record-breaking figures, the 2023 ranking reveals that some sectors are struggling due to rising costs, such as distribution", Challenges points out, citing as examples the shrinking assets of Claude Thiriet – France's second-largest frozen food company, and the owners of Yves Rocher.
"Tech unicorns, which have proliferated in recent years, have lost some of their lustre", the ranking's authors add. "A dozen founders of major tech start-ups have even dropped out of the rankings this year." It noted that most of the tech companies that remain are no longer progressing, or are even declining.
