French Presidential Candidate Emmanuel Macron on April 24, 2017 in Paris, France.
Aurelien Meunier—Getty Images
By Joseph Hincks
April 25, 2017

The Eurozone. Political independents. Pollsters. Now another group has reason for cheer after the first round of France’s election on Sunday: Europe’s super rich.

Emmanuel Macron’s emergence as firm favorite to win the French presidency on May 7 catapulted European stocks to a 17-month high, Bloomberg reports. And with that, the coffers of European billionaires swelled by $27.5 billion—or 2.6%. So much so, in fact, that Zara founder Amancio Ortega, who was bumped down to third place by Amazon’s (amzn) Jeff Bezos last month, reclaimed his spot as the world’s second-richest person.

Although Macron is the front runner going in to final polls next week, Sunday’s vote threatened to return Europe’s second largest economy a choice between far right National Front leader Marine Le Pen and leftist Jean-Luc Mélenchon, both of whom are hostile to the euro and free trade.

For more on France, watch Fortune’s video:

It would have been, Citigroup analysts said, “a nightmare scenario for investors,” according to CNN Money.


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