The Total Wealth of France's Biggest Billionaires Plummets to a Record Low in 2024

In 2024, France's wealthiest billionaires experienced an unforgettable year as their total fortunes decreased by a record amount due to weak luxury goods demand and political instability. According to the Bloomberg Billionaires Index, top billionaires including Bernard Arnault, Françoise Bettencourt Meyers, and François Pinault saw approximately $70 billion wiped off their combined wealth this year. The conglomerates they control—LVMH, L'Oréal SA, and Kering SA—ranked among the biggest losers on the French stock market, with Gucci's owner losing 41% of its value.

The biggest blow to their fortunes came from declining sales in the luxury goods and personal care sectors. Chinese customers slowed their spending on a range of products from leather goods to designer dresses and skincare, while companies, including Kering’s Gucci brand, struggled with new management and strategy. Additionally, the fluctuating politics in France, including the recent fall of Michel Barnier’s government, reduced investor appetite for the nation’s assets.

During the pandemic, luxury goods and cosmetics sales surged as consumers invested their cash reserves accumulated during quarantine restrictions into high-end brands. These dynamics helped Arnault, the founder of LVMH, rise to the top of the Bloomberg wealth ranking. He is currently in fifth place and has lost more than anyone else among the world's wealthiest 500 people so far—$31 billion.