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France’s Wealthiest People Gain Fortunes at Fastest Pace in World

Francois Pinault. (AFP)
Francois Pinault. (AFP)
    Paris, London - Asharq Al-Awsat
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France’s Wealthiest People Gain Fortunes at Fastest Pace in World

Francois Pinault. (AFP)
Francois Pinault. (AFP)

The fortunes of the wealthiest names in France have seen a swift peak in the first half of the year, more than any other country in the world.

According to Bloomberg, 14 people from France on the 500-member Bloomberg Billionaires Index added a combined $78 billion to their collective net worth since December 31, a 35 percent increase.

The agency reported that this is more than the wealth growth pace in other countries, as the fortune of China's richest increased by 17 percent, and the US's 15 percent.

The best returns outside of France came mostly from Asia as Thailand's wealthiest were a close second at 33 percent, followed by Singapore's 31 percent and 24 percent for Japan.

The figures exclude countries with fewer than two billionaires in the ranking. That makes Aliko Dangote, the sole Nigerian on the list, an outlier. His wealth has surged 60 percent to $16.8 billion this year, the German news agency reported.

Luxury titans Bernard Arnault and Francois Pinault and L'Oreal's heir Francoise Bettencourt Meyers led the way for France, adding a combined $53 billion during the same period.

Bloomberg reported that the demand for luxury goods from China has proven resilient despite uncertainty caused by that country's trade dispute with the US.

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Varieties

Japan's Popular Princess Aiko Turns 23 with Future as a Royal in Doubt

FILE - Japan's Princess Aiko greets the guests during a spring garden party at the Akasaka Palace imperial garden in Tokyo, on April 23, 2024. (AP Photo/Eugene Hoshiko, File)
FILE - Japan's Princess Aiko greets the guests during a spring garden party at the Akasaka Palace imperial garden in Tokyo, on April 23, 2024. (AP Photo/Eugene Hoshiko, File)
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Japan's Popular Princess Aiko Turns 23 with Future as a Royal in Doubt

FILE - Japan's Princess Aiko greets the guests during a spring garden party at the Akasaka Palace imperial garden in Tokyo, on April 23, 2024. (AP Photo/Eugene Hoshiko, File)
FILE - Japan's Princess Aiko greets the guests during a spring garden party at the Akasaka Palace imperial garden in Tokyo, on April 23, 2024. (AP Photo/Eugene Hoshiko, File)

Japan’s popular Princess Aiko turned 23 on Sunday, as she takes on more official duties even while her future in the imperial family remains in doubt, The Associated Press reported.
Aiko, the only child of Emperor Naruhito and Empress Masako, graduated from university earlier this year and has since been participating in official duties and palace rituals while working at the Red Cross Society, according to the Imperial Household Agency.
But Japanese law requires her to renounce her royal status and leave the family if she marries outside the imperial family.
The vast majority of Japan’s public supports changing the law to allow her to remain a royal and become emperor, but conservatives in the governing party insist on keeping male-only succession. Japan’s rapidly dwindling imperial family has only 16 members, including four men.
Aiko was to mark her birthday with her parents at the imperial palace in Tokyo. The IHA also released several photos of Aiko, including one of her standing by a persimmon tree at a palace garden. Another showed her holding pieces of traditional hand-crafted washi paper that she made at a workshop during her first solo official trip in October to the National Sports Festival in Japan’s southwestern prefecture of Saga.
The 1947 Imperial House Law, which largely preserves conservative prewar family values, allows only males to take the throne and forces female royals who marry outside the family to give up their status. With only one young male member, that puts the survival of the 2,000-year-old monarchy in jeopardy.
The youngest male member of the imperial family, Prince Hisahito — Aiko's 18-year-old cousin — is currently the last heir apparent, posing a major problem for the system.
The government is looking for a way to keep the succession stable without relying on women, such as allowing the family to adopt new male members from former noble families that lost their status after World War II.
Aiko's own views on the topic are unknown. She's only had one full news conference, when she reached adulthood.
Last month, the United Nations women’s rights committee in Geneva issued a report that called for the Japanese government to allow a female emperor, among other issues hindering gender equality in the country.
Chief Cabinet Secretary Yoshimasa Hayashi dismissed the report “regrettable” and “inappropriate.” He said the imperial succession is a matter of fundamental national identity and that it is not covered by constitutional basic rights.
Crown Prince Akishino, Aiko's uncle, was asked about the succession debate at a news conference marking his 59th birthday Saturday, and replied that members of the royal family are “living humans” and that the palace officials who support their daily lives should know how it affects them.
At her work at the Japanese Red Cross Society, Aiko is assigned to volunteer training program, the IHA said. On weekends, it said, the princess enjoys taking walks with her parents and playing volleyball, tennis and badminton with palace officials.