How families became the first shareholders of the CAC 40

How families became the first shareholders of the CAC 40

From left to right: Bernard Arnault, CEO of the LVMH group, Axel Dumas, manager of Hermès International and Françoise Bettencourt-Meyers, heiress of L’Oréal. François BOUCHON / Jean-Christophe MARMARA / PHOTOPQR/NICE MATIN/MAXPPP / Cyril Dodergny

ANALYSIS – The weight of the French dynasties in the capitalization of the CAC 40 has continued to grow, to the point of exceeding that of the funds. The Arnault family comes first.

The family is a value that is listed on the stock exchange. So much so that the great dynasties have become the first shareholders of the CAC 40. Their share in the capitalization of the flagship index of the Paris Stock Exchange reached 21.5% at the end of 2021, against just over 19% a year earlier and 9.7% in 2012, according to a study conducted by the stock market operator Euronext. The increase has been constant, for a spectacular result. Asset managers are now relegated to second place. They hold 20.7% of the flagship index, against 22.9% a year earlier.

This rise in power of large families “is essentially linked to the outperformance of the companies they control and in particular to the formidable rise of luxury champions“, explains Nicolas Rivard, head of innovation at Euronext and author of the study. Over the past five years, the value of LVMH has been multiplied by 3.5. The world number one in luxury is now the first European capitalization…

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