The latest issue of Challenges magazine, which hits French newsstands on Thursday, July 10, will feature a major change to its list of the 500 richest people in France. Bernard Arnault, founder of the luxury conglomerate LVMH, has lost his long-held top spot to the Hermès family and the roughly 100 descendants of Thierry Hermès (1801-1878), founder of the luxury goods group. Arnault and his family had held the number one position since 2017.

Challenges valued the Hermès family fortune, which controls 66.7% of shares in the luxury house, at €163.4 billion (a 5% increase from 2024). In contrast, the wealth of Arnault and his family, who hold 48% of LVMH's capital, fell to €116.7 billion (a decrease of 38.6%), according to estimates by the business magazine based on stock market valuations.

The 2025 ranking reflects ongoing changes in the luxury industry, whose growth has slowed since mid-2024. Yet Hermès outperformed its rivals in 2024. Its net profit rose by 6.8%, according to Challenges, while LVMH's fell by 17%. As a result, Arnault's conglomerate, which generates nearly €85 billion in sales, lost 25% of its value in a year, while Hermès' stock (with €15.2 billion in revenue in 2024) gained more than 2.5%.

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