From the Wires
Combined Net Worth Of Luxury Watch Titans Exceeds US$60.1 Billion
Wealth-X Releases List Of Top 10 UHNW Luxury Watch Manufacturers And Retailers
By: PR Newswire
Nov. 26, 2012 10:30 PM
SINGAPORE, Nov. 26, 2012 /PRNewswire/ -- Wealth-X, the ultra high net worth (UHNW) business development solution for Global Private Banks, Luxury Brands, Educational Institutions and Non-Profits, unveiled a list of the top 10 UHNW global watch titans. The resilience of the luxury industry is clearly reflected in the growing affluence of luxury retail giants and the UHNW individuals (UHNWIs) behind them.
With a net worth of US$26 billion, Bernard Arnault, chairman and CEO of LVMH, is the world's richest watch titan. The strong growth in LVMH's watch portfolio catapulted Arnault to the top of the list. Francois Pinault, founder of PPR, ranked second with a net worth of US$9.9 billion. In third place is Johann Rupert, chairman of Compagnie Financiere Richemont, with a net worth of US$5.1 billion.
The collective net worth of the top 10 UHNW watch titans stands at US$60.1 billion, representing 86% of the US$70 billion that UHNW individuals spent on luxury goods last year.
Mykolas D. 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."
"These watch titans have developed a taste for luxury themselves, with several notable art, wine and watch collectors amongst them. Their collections include watches from Patek Philippe, FP Journe, and Vacheron Constantin," he noted.
For the full list and supplemental analysis, please visit: http://www.wealthx.com/articles/2012/luxury-watch-titans/
Wealth-X provides detailed intelligence on ultra high net worth (UHNW) individuals globally. The firm's Wealth-X Professional solution is the standard for banking, marketing and not-for-profit professionals working with the ultra affluent. Wealth-X is headquartered in Singapore with offices in all major financial centres.
For more information about Wealth-X, please visit: www.wealthx.com
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