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Europe's richest man opposes wealth tax proposal: It would destroy the French economy

2025-09-21 21:54:16Biznes SHKRUAR NGA REDAKSIA VOX
Bernard Arnault

Bernard Arnault, Europe's richest man and luxury goods magnate, warns that a wealth tax that could cost him more than 1 billion euros would be fatal for France's economy.

The French founder of LVMH Moet Hennessy Louis Vuitton told the Sunday Times that calls for a 2% tax on all assets "aim to destroy the liberal economy, the only one that works for the good of all."

The idea of ??a wealth tax has gained traction in France due to the political crisis and the government's attempts to implement unpleasant austerity measures. The proposal for a 2% tax on assets over 100 million euros was made by economist Gabriel Zucman, who has become a household name in France.

Zucman argues that the tax, otherwise known as the “Zucman tax,” could help France with its tight budget. President Emmanuel Macron appointed a new prime minister, Sébastien Lecornu, this month after François Bayrou failed to secure support for an austerity budget.

Arnault, previously the world's richest man, said a 2% wealth tax would be a "fatal attack on our economy." He added that he is "certainly the biggest individual taxpayer and one of the biggest professional taxpayers through the companies I run" in France.

His net worth was $169 billion (£125 billion) on Friday, largely due to his 48% stake in LVMH. Through expansions into various luxury businesses such as Bulgari, Tiffany & Co, Christian Dior, Celine and other brands, Arnault has built a colossal fortune.

In 2012, he sparked a national debate in France over taxes when he applied for Belgian citizenship, but withdrew his application in 2013, considering it "a sign of connection with France and confidence in its future."

According to Zucman, the wealth tax could bring in up to 20 billion euros, but other economists warn that if the richest leave France, the revenue could be only 5 billion euros.

“This is not a technical or economic debate, but a clear desire to destroy the French economy,” Arnault said. “I cannot believe that the political forces that govern or have governed the country would give credibility to this attack, which is fatal to our economy.”


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