Bernard Arnault’s Wealth Takes a Hit as Hermès Family Claims Top Spot in France

Shake-up in the great fortunes of French luxury. After several difficult years behind them, the crisis in the luxury sector has finally reached the big families behind the companies. In particular, the Arnault family, owner of the LVMH conglomerate, has been hit the hardest and has lost the first position in the ranking of the great fortunes of France prepared by the magazine Challenges.

With a total of 145 families in the ranking, the combined wealth of the 500 richest people in France reached $1.13 trillion, slightly below the 1.2 trillion that they scored the year in 2023. This drop is explained precisely by the falls in fortunes such as those of the Arnault family, which at the close of 2024 has occupied the second position, losing the leadership it had held since 2017.

The ranking, which calculates professional fortunes, estimates the value of the Arnaud family through LVMH at up to €117 billion, €74 billion less than in the 2023 edition. The drop is directly related to the worse performance of the French conglomerate, which closed the last fiscal year with a 2% drop in sales.

The Arnault family accumulates a professional fortune of €117 billion 

Although this downward trend stands out from the declines noted by other players in the luxury sector, which closed 2024 with greater declines (Kering, for example, did so with a 12% drop in turnover), it also differs from other companies that, despite the complex situation, have maintained growth. One of these cases is that of Hermès, which has led the family to overtake the Arnauds in the ranking.

Specifically, the professional wealth of the family that owns Hermès reached a value of 163 billion euros at the end of the year, gaining the first place. The good evolution of their fortune goes hand in hand with the good evolution of the business: Hermès ended 2024 with a turnover of more than 15 billion euros, 13% more than the previous year.

Beyond the podium, the brothers Alain and Gerard Wertheimer, owners of Chanel, occupy the bronze position, with a professional fortune of 95 billion, followed by Françoise Bettencourt Meyers, of L’Oréal, in fourth position, and a wealth standing at €74 billion. Both families, however, have also reduced their fortunes compared to the previous year, to €20 billion and €10.3 billion less, respectively.

The Pinault family, owner of Kering and headed by François Pinault, is in eighth place in the ranking, with a fortune reaching €25.9 billion at the end of 2024. The figure is 2.1 billion less than the previous year. Just above in the ranking, in seventh place, is Gérard Mulliez and his family, founders of Decathlon, with a wealth of €26 billion.