France Ranks First in World for Wealth Growth
According to the latest figures from Bloomberg, France's wealthiest citizens have seen the biggest wealth increase in the world this year, beating out billionaires in Japan, China and the United States. The top 13 wealthiest people in France have experienced a 12% uptick in their fortunes since the beginning of the year.
Bernard Arnault, the billionaire chairman of LVMH and Christian Dior SE, is currently listed as the fourth wealthiest man in the world and the richest in Europe. Worth an estimated $78 billion, Arnault has reportedly seen his assets skyrocket in 2018. His worth has risen by more than $14 billion since January 1, 2018. Much of this can be attributed to the gains from Arnault's LVMH stock, which has risen more than 27% in value since the beginning of the year.
Francois Pinault, France's second richest citizen, has also seen a substantial bump in his bank account during 2018. His fortune has risen by more than $10 billion this year. He holds a majority share in the French luxury brand holding company Kering S.A. The company stock has gone up by about 24% in 2018, increasing Pinault's fortune substantially. The French retail maven is currently worth about $36 billion.
Serge Dassault, chairman and CEO of French manufacturing conglomerate Dassault Group, has also seen an increase in his worth. Since January, the Paris native has seen his fortune increase by almost 5%. He is currently worth an estimated $27 billion, making him number 28 on Bloomberg's list of richest billionaires.
Despite the banner year, French billionaire Xavier Niel has not fared as well in 2018. Due to falling share prices of Iliad, his ISP and phone company, Niel's fortunes have declined by $2.6 billion. The company's stock fell an additional 20% on Tuesday after reporting disappointing quarterly earnings.
The wealthiest people in other countries also saw substantial wealth growth. Japanese billionaires like Tadashi Yanai and Takemitsu Takizaki increased their worth by more than 7%, while China's wealthiest magnates like Jack Ma and Pony Ma saw an average increase of around 6%.
Some of the richest American citizens lost money in 2018, according to Bloomberg. This includes Warren Buffett, whose personal fortune has dipped by $500 million since January. Oracle founder Larry Ellison has also managed to lose $300 million in net worth, and Charles and David Koch of Koch Industries have experienced a slump in their personal fortunes as well.
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