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

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



Victory for Prince Harry as Murdoch Papers Admits Wrongdoing by Sun 

Britain's Prince Harry, Duke of Sussex steps out of a car, outside the Rolls Building of the High Court in London, Britain June 7, 2023. (Reuters)
Britain's Prince Harry, Duke of Sussex steps out of a car, outside the Rolls Building of the High Court in London, Britain June 7, 2023. (Reuters)
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Victory for Prince Harry as Murdoch Papers Admits Wrongdoing by Sun 

Britain's Prince Harry, Duke of Sussex steps out of a car, outside the Rolls Building of the High Court in London, Britain June 7, 2023. (Reuters)
Britain's Prince Harry, Duke of Sussex steps out of a car, outside the Rolls Building of the High Court in London, Britain June 7, 2023. (Reuters)

Prince Harry settled his privacy claim against Rupert Murdoch's UK newspaper group on Wednesday after the publisher admitted unlawful actions at its Sun tabloid for the first time, bringing the fiercely-contested legal battle to a dramatic end.

In a stunning victory for Harry, 40, the younger son of King Charles, News Group Newspapers (NGN), publisher of The Sun and the now-defunct News of the World, also admitted it had intruded into the private life of his late mother, Princess Diana.

Harry's lawyer, David Sherborne, said the publisher had agreed to pay the prince substantial damages. A source familiar with the settlement said it involved an eight-figure sum.

Harry had been suing NGN at the High Court in London, accusing its newspapers of unlawfully obtaining private information about him from 1996 until 2011.

The trial to consider the royal's case, and a similar lawsuit from former senior British lawmaker Tom Watson, was due to start on Tuesday but following last-gasp talks, the two sides reached a settlement, with NGN saying there had been wrongdoing at The Sun, something it had denied for years.

"NGN offers a full and unequivocal apology to the Duke of Sussex for the serious intrusion by The Sun between 1996 and 2011 into his private life, including incidents of unlawful activities carried out by private investigators working for The Sun," Sherborne said.

"NGN further apologizes to the Duke for the impact on him of the extensive coverage and serious intrusion into his private life as well as the private life of Diana, Princess of Wales, his late mother, in particular during his younger years."

ACCOUNTABILITY

NGN has paid out hundreds of millions of pounds to victims of phone-hacking and other unlawful information gathering by the News of the World, and settled more than 1,300 lawsuits involving celebrities, politicians, well-known sports figures and ordinary people who were connected to them or major events.

But it had always rejected any claims that there was wrongdoing at The Sun newspaper, or that any senior figures knew about it or tried to cover it up, as Harry's lawsuit alleges.

Harry said his mission was to get the truth and accountability, after other claimants settled cases to avoid the risk of a multi-million-pound legal bill that could be imposed even if they won in court but rejected NGN's offer.

He said the reason he had not settled was because his lawsuit was not about money, but because he wanted the publishers' executives and editors to be held to account and to admit their wrongdoing.