How French CEOs Drive $2 Trillion in Global Market Value Abroad
French nationals now lead around 30 major foreign companies with a combined market valuation of $2 trillion, a figure that rivals the entire capitalization of France’s CAC 40 index, according to Le Monde. Executives such as Marguerite Bérard at ABN Amro, Ariane Gorin at Expedia, Christophe Fouquet at ASML, and Fidji Simo at Instacart exemplify this global presence.
Fidji Simo and other French leaders now run 30 top global firms worth $2T, rivaling France’s CAC 40, powered by elite schools and global careers.
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The prominence of French leaders abroad is particularly striking compared to other European countries. Le Monde highlighted that more French nationals hold top executive roles overseas than nationals from any other European nation. Notably, Laurent Freixe at Nestlé had been among them until his recent exit following internal controversies.
The roots of this global leadership reach back to France’s educational system. The foundations were established during the Napoleonic era, when secondary schools were structured to develop both a strong political and managerial class. Over time, this approach evolved into the grandes écoles, elite institutions such as École Polytechnique, HEC Paris, Sciences Po, ESSEC, and Institut d’Études Politiques de Paris. Admission into these schools requires rigorous preparation in classes préparatoires, and their graduates are known for their strategic thinking, analytical skills, and business acumen.
A significant share of France’s business elite has emerged from these institutions. A study in 1980 revealed that 80% of top executives at France’s leading firms were educated at just five grandes écoles. Many alumni go on to hold political office, while others take senior roles across various sectors, both within France and abroad. Strong English proficiency and international adaptability further enhance their global competitiveness.
Career mobility also plays a role. Many French executives first gain international experience through assignments with French firms before transitioning into leadership roles at foreign companies. Some remain abroad for decades, building their careers in more flexible and less rigid corporate environments than those typically found in France.
Matthieu Courtecuisse, founder of consulting firm Sia Partners, described this as part of a broader brain drain. He noted that U.S. companies employ a large number of French PhDs, especially in fields like biology and artificial intelligence, reflecting both France’s de-industrialization and its highly skilled talent pool.
Workplace culture is another factor influencing the trend. French companies are often characterized by hierarchical structures and strict labor laws, which can limit risk-taking and career flexibility. In contrast, international firms may offer more adaptable and open environments, making them attractive to French leaders seeking broader opportunities.
The paradox is that the very systems designed to produce France’s elite—rigorous schooling and structured corporate culture—also contribute to pushing many of the country’s brightest executives toward global leadership roles.
