Previously, we published a detailed report on the 30 Wealthiest People in France. In this article, will discuss the wealthiest person in France.
An Analysis of the French Economy
France ranks 5 on our detailed report on the 50 best countries in the world, based on four factors including the Human Development Index (HDI), R&D Expenditure, GDP (PPP), and International Migrant Stock. According to the European Union, France is expected to report dim economic growth at 0.7% in 2024 and is expected to rebound at 1.3% in 2025. Inflation is projected to decline to 2.5% in 2024 and 2% in 2025, due to falling energy and commodity prices. Public debt is expected to increase to 114% of GDP by 2025. According to Reuters, in the first quarter of 2024, the French economy gained momentum as consumer spending and business investment grew ahead of expectations. France, the second largest economy in the Euro Zone expanded by 0.2% in the first three months of the year. Economists polled by Reuters had an initial forecast of 0.1% and the Bank of France expected the economy to grow by 0.2%. Household consumption, a major driver of the economy, widened by 0.4% from 0.2% in the last quarter of 2023.
What’s New in the French Fashion Industry
Luxury French companies have been facing downturns in their returns due to economic uncertainty across the globe. On the other hand, fast fashion companies are experiencing momentum in France for their low-cost offerings. However, the French government is acting against these brands to protect the environment and established brands. On March 14, Reuters reported that the French Parliament approved a bill levying penalties on ultra-fast fashion products, especially by companies like Shein and Temu, to minimize the environmental impact. For every item, a penalty of EUR 10 is to be levied by 2030, and a ban on advertising such products was placed. Well-established companies rely on consumer demand forecasts, while companies like Shein and Temu can produce at scale due to extremely flexible supply chains and therefore charge prices in the single digits. This results in traditional players experiencing up to 40% waste. The Environmental Ministry in France also proposed a bill to levy an EU-level ban on the export of used clothes.
How is LVMH Revolutionizing the Luxury Market
While LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMHF) reported a decline in sales in the third quarter of 2023, it eventually gained momentum towards the end of the year and is following an upward trajectory into the first quarter of 2024. LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMHF) is a world leader in luxury goods and fashion products. The French luxury goods company is home to some of the leading brand names including Tiffany, Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer, Bulgari. The company’s fashion and leather goods segment reported EUR 42.17 billion in revenue in 2023, up by 9% from 2022, and accounted for 49% of the total revenue in 2023. Adding to the above, the company achieved 3% organic growth in the first quarter of 2024, despite economic and geopolitical headwinds.
Despite slow growth in 2023, the company’s growth trajectory is exemplary. On June 20, The company acquired ‘Chez L’Ami Louis’, an authentic Parisian restaurant. The French restaurant is known for its culturally aligned dishes in a homely atmosphere. The company is stepping into new verticals, to preserve the unique character and identity of the restaurant. On June 25, LVMH (OTC:LVMHF) announced the acquisition of Swiza, owner of L’Epée 1839. Swiza is a Swiss high-end producer of clocks and has been operating for 185 years.
The environmental repercussions of fast fashion are immense. To counter the impact of fashion on the environment, LVMH Moët Hennessy – Louis Vuitton, Société Européenne (OTC:LVMHF) is making moves towards sustainability. In 2023, the company rejuvenated and preserved more than 3 million hectares of fauna and flora habitats. 63% of the company’s energy mix comes from renewable sources and has reduced CO2 emissions from energy consumption by 28% from its baseline in 2019. The company will be a crucial stakeholder in the Paris 2024 Olympic and Paralympic Games as a creative partner to make games more socially and environmentally responsible. On July 2, the company revealed eco-designed outfits and medal trays in collaboration with Paris 2024 for volunteer medal bearers during victory ceremonies for the Olympic and Paralympic Games Paris 2024. The outfits to be worn by 515 medal bearers will reflect the culture and heritage of France. The outfits will consist of a polo shirt and pants with a Gavroche cap, all 100% eco-friendly. The shirts and caps are made from jersey fabric made from recycled textiles using offcuts of LVMH products upcycled by Weturn, a French startup.
Now that we have studied the French economy, let’s take a look at the 30 wealthiest people in France. You can also read our piece on the wealthiest people in Australia.
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Our Methodology
To compile our list of the 30 wealthiest people in France, we utilized the real time billionaires data from Forbes and ranked the wealthiest people in France in ascending order of their net worths, as of July 9.
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The Wealthiest Person in France
Bernard Arnault
Net Worth as of July 9, 2024: $188.8 Billion
Bernard Arnault and his family are the richest people in France and have a combined net worth of $188.8 billion. He is the CEO of LVMH, the company behind 75 fashion brands including Louis Vuitton, Sephora, Tiffany, and Dior. He is also the third richest person in the world. All five of his children work at the company. He also owns Agache, a holding company behind venture capital firm Aglae Ventures. Aglae Ventures has made investments in Netflix and ByteDance.
Interested to see other wealthy individuals in France? Head over to our free detailed report on the 30 Wealthiest People in France.
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