WORTH IT: L’Oréal heiress Liliane Bettencourt and her family top a 2016 ranking of the richest people in France, unseating Bernard Arnault, who had a lock on the number-one spot since 2009.
Weekly news magazine Challenges, which compiles the annual list, blamed a fall in LVMH Moët Hennessy Louis Vuitton’s stock price by 12 percent over the past year, amid a toughening climate for luxury goods, for the shake-up in the rankings. Bettencourt’s fortune is estimated at 31.2 billion euros, or $34.6 billion, versus 30.3 billion euros, or $33.6 billion, for Arnault, chairman and chief executive officer of LVMH.
Axel Dumas and the three families that control Hermès also slipped one spot, to number four, with a fortune estimated at 22.3 billion euros, or $24.8 billion at current exchange.
Alain and Gérard Wertheimer, whose families control Chanel, moved into the sixth slot with a fortune of 16.5 billion euros, or $18.3 billion, while François Pinault, whose family holding company Artemis controls luxury group Kering, came in at number seven with a fortune of 11.3 billion euros, or $12.5 billion.