Hermès family overtakes Arnaults as France’s richest after sharp drop in LVMH fortune

Bernard Arnault and his family, the majority shareholders of luxury conglomerate Moët Hennessy Louis Vuitton (LVMH), have lost their long-held position at the top of the French rich list, according to the 2025 edition published by Challenges magazine. The magazine estimated that the Arnault family’s professional fortune dropped by €73.6 billion, or nearly 39%, compared to last year’s ranking. This marks the first time since 2016 that Arnault and his family have not led the list.

Despite this significant decrease, the Arnault family remains in second place with an estimated net worth of €116.7 billion. The Hermès family now holds the top spot, with their fortune rising by 5% to €163.4 billion. The shift comes after a challenging year for France’s luxury sector, which has seen consumer demand cool following a period of strong growth.

LVMH’s share price on the Euronext Paris stock exchange has fallen about 28% over the past twelve months, though it is still up around 18% over five years. The group, which owns prestigious wine and spirits brands such as Krug, Dom Pérignon, and Hennessy Cognac, reported a 4% drop in total revenue for the first half of 2025, down to €39.8 billion. Its wine and spirits division saw sales fall by 8% to €2.59 billion, despite some recovery in Champagne demand during the second quarter.

Bernard Arnault acknowledged ongoing market uncertainty but emphasized LVMH’s resilience and the strength of its brands. He expressed confidence in the group’s long-term prospects, stating that LVMH has demonstrated solidity even in difficult conditions.

Other prominent French families with ties to wine also experienced declines in their estimated fortunes. The Wertheimer family, owners of Chanel and several Bordeaux wine estates including Châteaux Canon and Rauzan-Ségla, ranked third with an estimated fortune of €95 billion—down €20 billion from last year. François Pinault and his family, who control luxury group Kering and own Artemis Domaines with holdings such as Château Latour in Bordeaux and Clos de Tart in Burgundy, came ninth on the list with an estimated fortune of €15 billion, a decrease of 36% from 2024.

In contrast, the Dassault family saw their estimated wealth rise by 24% to €35.6 billion, placing them fifth on the list. While best known for their aviation business, the Dassaults also have significant investments in Bordeaux wine estates.

The changes in fortune among France’s wealthiest reflect broader trends in global luxury markets and shifting consumer preferences. While fortunes can fluctuate based on market conditions and valuation methods—Bloomberg’s billionaire index put Arnault’s net worth at $159 billion as of July 24—the latest figures from Challenges highlight a period of adjustment for some of France’s most influential business families.

The empire of wine and spirits

Of LVMH's 75 brands, 29 are wine or spirits brands. Among them are well-known luxury brands such as Ruinart, Möet & Chandon, Veuve Clicquot, Krug, Dom Pérignon, Château d'Yquem, Bodega Numanthia, Château Cheval Blanc, Newton Vineyard, Terrazas de los Andes, Hennessy, Chandon... among many others.