The head of LVMH, Bernard Arnault, resides in Europe and is the third richest person in the world, after number one-ranked Elon Musk ($219 billion) and number-two-ranked Jeff Bezos ($171 billion). The L’Oreal and Zara fashion retail tycoons Francoise Bettencourt Meyers and Amancio Ortega, respectively, are the world’s 14th and 23rd richest people. The richest lady in the world is Bettencourt Meyers.
The combined net worth of the top ten European billionaires on Forbes’ 2024 list is $690 billion, an increase of $38 billion over the previous year. The top ten wealthiest Americans are worth a combined $1.2 trillion, which highlights the stark contrast between tech and other industries in terms of billionaire wealth at the top. Tech tycoons who made their fortunes in the years following the widespread use of personal computers, the internet, and social media make up seven of the 10 leading U.S. billionaires. Comparatively, the top 10 tech billionaires in Europe are absent.
- Bernard Arnault
French investor, collector of art, and businessman Bernard Jean Étienne Arnault. The world’s largest luxury goods company, LVMH, is led by its founder, who also serves as chairman and CEO. With an estimated net worth of US$233 billion as of April 2024, Arnault is the richest person in the world, according to
Net worth: $214.1B
Louis Vuitton, Sephora, and other 70 fashion and beauty businesses are all under Bernard Arnault’s direction at the LVMH conglomerate.
As the largest luxury brand acquisition in history, Tiffany & Co. was purchased by LVMH in January 2021 for $15.8 billion.
Belmond, a luxury hospitality company that owns or operates 46 hotels, trains, and river cruises, was purchased by LVMH for $3.2 billion in 2019.
His father amassed a modest fortune in the building industry, and Arnault got his start by investing $15 million from that enterprise in the 1985 purchase of Christian Dior.
Frédéric, Delphine, Antoine, and Alexandre, four of Arnault’s five children, are employed by various divisions of the LVMH group.
- Francoise Bettencourt Meyers
Net worth: $79.7B
The richest woman in the world is Francoise Bettencourt Meyers, a granddaughter of L’Oreal’s founder.
L’Oreal stock is owned by Bettencourt Meyers and her family to the tune of 33%.
She is the head of the family holding firm and has been a member of the L’Oreal board since 1997.
When her mother Liliane Bettencourt, the then-richest person in the world, passed away in 2017 at the age of 94, she became the reigning L’Oreal heiress in France.
In addition, Bettencourt Meyers leads her family’s charitable foundation, which promotes advancement in the arts and sciences in France.
L’Oreal and the Bettencourt Meyers family have come to an agreement to contribute $226 million toward Notre Dame Cathedral’s restoration after the April 2019 fire.
- Amancio Ortega
Net worth: $56.7B
One of the richest apparel sellers in the world is Amancio Ortega of Spain.
He was a forerunner in the fast fashion industry and cofounded Inditex with his former Rosalia Mera (deceased 2013), which is famous for its Zara clothing chain.
He holds nearly 60% of the shares of the Madrid-listed company Inditex, which operates 7,500 stores worldwide and has 8 brands, like Massimo Dutti and Pull & Bear.
Dividend income for Ortega generally exceeds $400 million every year. Inditex declared in November 2021 said his daughter Marta Ortega Pérez would take over as chairman in April 2022.
His primary real estate investments have been in Madrid, Barcelona, London, Chicago, Miami, and New York.
- Dieter Schwarz
Net worth: $27.5B
The Kaufland and Lidl (rhymes with needle) bargain stores are part of Dieter Schwarz’s Schwarz Group, which generates more than $140 billion in annual revenue.
Schwarz received the business from his father, Josef, who joined the fruit distributor Suedfruechte Grosshandel Lidl & Co. in 1930.
When Josef passed away in 1977, Dieter took over as CEO and expanded Schwarz Group into the biggest retail conglomerate in all of Europe, with 500,000 workers. Dieter founded the first Lidl shop in 1973.
In 2017, Lidl made a commitment to persuade customers to “Rethink Grocery.” Most of its stores are in North and South Carolina, as well as Virginia.
Although legally a limited companies company, the Schwarz Group is held by a foundation, although Dieter retains complete power and is the actual owner.
- Rodolphe Saadé
Chairman And CEO, CMA CGM
Net worth: $41.4B
Son of the late shipping tycoon Jacques Saadé, who passed away in 2018, is Rodolphe Saadé.
In 1978, Jacques established CMA CGM in Marseille, France, which is now one of the biggest shipping firms in the world.
Together with his siblings Tanya Saadé Zeenny and Jacques Saadé Jr., as well as his mother Naila, Rodolphe co-owns the business.
In 2017, he succeeded his father as CEO and the board chairman of the CMA CGM Group.
More than 500 vessels are operated by the $47 billion (in revenues) corporation, which serves 420 commercial ports across 160 nations.
- François Pinault
Net worth: $35.9B
The luxury conglomerate Kering, which includes the clothing labels Saint Laurent, Alexander McQueen, and Gucci, has François Pinault as its honorary chairman.
In 1963, Pinault established Kering, which had its roots in a timber and building products business.
When Pinault acquired a controlling interest in the Gucci Group in 1999, he shifted the company’s focus to luxury items.
Today, Pinault’s son, François-Henri, is in charge of the $20 billion (2021 revenues) corporation, which also controls the watch maker Girard-Perregaux.
Along with the renowned auction firm Christie’s, Pinault and his family also hold a 3,000-piece collection of art that includes pieces by Picasso, Mondrian, and Koons.
In the 18th-century Bourse de Commerce building in Paris, that he assisted in restoring, the Pinault Collection is on exhibit.
- Klaus-Michael Kuehne
Net worth: $33.3B
Logistics tycoon Klaus-Michael Kuehne serves as honorary chairman of Schindellegi, Switzerland-based Kuehne + Nagel International AG.
In 1958, he began working for the business that his grandpa helped co-found; in 1966, he was appointed CEO.
His Kuehne Holding AG purchased 20% of rail logistics firm VTG in 2016. It sold the interest to Morgan Stanley Facilities two years later.
He has progressively extended his ownership in Hapag-Lloyd over the past few years, now owning almost 30% of the shipping and logistics company.
Kuehne has never had children and is an only child. Upon his passing, his riches will be managed by his philanthropic foundation.
- Beate Heister & Karl Albrecht Jr.
Net worth: $35.1B
Beate Heister and Karl Albrecht Jr., the heirs to the Aldi retail fortune, are the offspring of Karl Albrecht Sr., who passed away in 2014 at the age of 94.
Karl Sr. and his brother Theo Sr., who passed away in 2010 at the age of 88, took over his family’s corner grocery store in Essen, Germany, after World War II.
Karl Sr. received the stores in southern Germany (Aldi Sued), as well as the rights to the Aldi brand in the United Kingdom, Australia, and the United States, when the brothers split ownership in 1961.
Aldi is a discount retailer with over 2,000 locations across 36 states in the United States.
Northern Germany and the rest of Europe’s stores belonged to Theo Sr. He acquired the American retail company Trader Joe’s in 1971.
- Giovanni Ferrero
Net worth: $33B
Giovanni Ferrero serves as executive chairman of the confections company bearing his family’s name, which had $14 billion in sales in 2021.
The company is best known for its renowned Tic Tac mints, Kinder chocolates, and Nutella chocolate-hazelnut spread.
Together with his brother Pietro, who passed away from a heart attack in 2011, Giovanni served as co-CEO.
In order to concentrate on corporate strategy, he retired as CEO in 2017 but continued as executive chairman.
For $2.8 billion, Ferrero purchased the entire American confections division of Nestle in 2018.
- Alain Wertheimer
Net worth: $30.7B
The ceo of Chanel, a French luxury company, is Alain Wertheimer.
Together with his brother Gerard, who is in charge of the watch division, he owns the business.
Its namesake Gabrielle (Coco) Chanel and his grandpa Pierre Wertheimer founded it.
The public face of Chanel, Karl Lagerfeld, passed away in February 2019 at the age of 85. For more than 35 years, he has served as the company’s creative director.
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