SUBSCRIBERS

Billionaires find big wins in big government

Analysis of the mega-rich shows barely a dent in their fortunes or numbers

    • A sign reading "Bernard! Pay your social contributions!", in reference to LVMH's Bernard Arnault, as part of an event organised by CGT labour union members and Right of Housing group DAL activists in Paris on Jun 12.
    • A sign reading "Bernard! Pay your social contributions!", in reference to LVMH's Bernard Arnault, as part of an event organised by CGT labour union members and Right of Housing group DAL activists in Paris on Jun 12. PHOTO: REUTERS
    Published Mon, Jun 19, 2023 · 04:57 PM

    IN 2010, amid the global boom in billionaire fortunes, I began combing the annual Forbes list for clues to which countries were most vulnerable to anti-rich populist revolts. When I last published the results in 2021, warnings were flashing red for France, where billionaire wealth was rising fast and concentrating in family firms such as LVMH, the luxury goods conglomerate. 

    Earlier this year, LVMH chair Bernard Arnault was a prime target of Paris protests when demonstrators rallying against pension reform stormed his headquarters. LVMH, which has nothing to do with pensions, has become a symbol of the new gilded age.

    The 2023 Forbes list shows that, worldwide, billionaires are down slightly in numbers and wealth from the pandemic peaks, but still up sharply over the past two decades. There were almost 500 billionaires worth a total of less than US$1 trillion in 2000; now there are more than 2,500 worth over US$12 trillion.

    Share with us your feedback on BT's products and services