Combined wealth of 10 luxury bosses tops $60 billion - leatherbiz: Lea Leatherbiz

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Combined wealth of 10 luxury bosses tops $60 billion

28/11/2012
Wealth-X, a business development solution company, has revealed that globally, ultra high net worth (UHNW) individuals – those with $30 million-plus – spent more than $70 billion on luxury goods last year.

It also published a list of the top 10 luxury watch titans, dominated by the heads of luxury goods groups, which shows their combined worth is $60.1 billion.

With a net worth of $26 billion, Bernard Arnault, chairman and CEO of LVMH, is the world's richest in the category. LVMH includes high-end leather handbag retailers Loewe, Louis Vuitton, Celine and Fendi.

Francois Pinault, founder of PPR – which owns Gucci, Bottega Veneta and YSL – ranked second with a net worth of $9.9 billion.

In third place is Johann Rupert, chairman of Compagnie Financiere Richemont, the group that owns retailer Net-a-Porter, with a net worth of $5.1 billion.

Mykolas Rambus, CEO of Wealth-X, said: “The UHNWIs on the list are prominent names in the luxury sector and watches form an important part of their business portfolios."

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