Bernard Arnault and family, majority shareholders of luxury goods group Moët Hennessy Louis Vuitton (LVMH), have lost the top spot in the 2025 French rich list by Challenges magazine.
It estimated the family’s professional fortune had dropped by €73.6bn, or almost 39%, since its 2024 edition.
Arnault and family still came second, with an estimated worth of €116.7bn (£101.3bn), but it’s the first time they haven’t headed the ranking since 2016, said Challenges.
It noted a difficult year for France’s luxury houses, although the Hermès family claimed top spot and saw its estimated fortune rise 5%, to €163.4bn.
Fortunes fluctuate and estimates vary; Bloomberg’s billionaires index said Arnault’s net worth was US$159bn (£117.4bn) as of 24 July.
Yet, consumers have cooled their interest in luxury over the past couple of years following a boom period for the sector.
LVMH’s share price on the Euronext Paris stock exchange was down around 28% in 12 months, although it remained up around 18% on a five-year basis.
The group, which includes leading wines and spirits from Krug and Dom Pérignon Champagne to Hennessy Cognac, has highlighted the relative resilience of its business in a difficult market.
LVMH said on 24 July that total revenue fell 4% for the first half of 2025, to €39.8bn. Its wine and spirits sales dropped 8% on a reported basis, hitting €2.59bn, despite improvements in Champagne demand in the second quarter.
Arnault acknowledged current market uncertainty, but said the group has demonstrated ‘solidity’ thanks to the power of its brands. He added, ‘I am confident in LVMH’s tremendous long-term potential.’
Other members of France’s wealthy elite with links to wine also saw a downturn in their estimated professional fortunes in Challenges magazine’s ranking.
Alain and Gérard Wertheimer and family, of Chanel fame and owners of several wine estates, including Châteaux Canon and Rauzan-Ségla in Bordeaux, came third with an estimated fortune of €95bn – down €20bn on last year.
François Pinault and family, of luxury group Kering, control the Artemis Domaines wine empire that includes Bordeaux first growth Château Latour and Burgundy’s Clos de Tart, among other top names.
They came ninth on the list, with an estimated professional fortune of €15bn, down 36% versus the 2024 edition of the ranking.
Meanwhile, the Dassault family, largely known for its aviation industry business but also with significant wine holdings in Bordeaux, came fifth on the 2025 French rich list with an estimated fortune of €35.6bn, up 24%.
