Luxury titans lose $58 billion as pandemic era splurge ends

France's wealthiest luxury and cosmetics moguls, including Bernard Arnault and Francoise Bettencourt Meyers, have seen their fortunes shrink by a combined $58 billion in 2023. The decline follows reduced demand, especially in China, affecting companies like LVMH, L'Oreal, and Kering. This comes amid growing calls for higher taxes on the rich in France.