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Europe’s new success stories are built on high luxury, not high tech

This raises hard questions for the continent in an age of vast wealth inequality and slow growth

The writer is chair of Rockefeller InternationalEuropean markets have received a big lift from the global boom in luxury sales — a piece of unambiguously good news for the region. Nonetheless this success story also raises a troubling question: has Europe become too reliant on a sector many see as a symbol of decadence? 

Contrast Europe to the US, where over the past 12 months 10 of the biggest tech firms accounted for 65 per cent of stock market returns — which is itself an alarming sign of industry concentration. The similar signs of concentration are even more concerning in Europe. There, 10 of the biggest luxury stocks, from LVMH to Ferrari, have accounted for about 30 per cent of returns — a share unmatched since records began.

Long a source of pride in Europe, the luxury industry took off over the past decade and had its best years ever during the pandemic. Record stimulus added trillions in new wealth, much of it in the hands of the very rich, who spent a good chunk of it on high-end goods. 

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