Bernard Arnault, Europe’s richest man and chief executive of luxury group LVMH, has warned that a new wealth tax would cost him more than €1 billion in France.
In a statement to the Sunday Times, the 76-year-old said a 2% levy on all assets would lead to the destruction of the “liberal economy“.
With the 2026 budget delayed following the dismissal of prime minister François Bayrou, replaced by Sébastien Lecornu, the government is actively seeking ways to cut costs. The idea of a wealth tax has gained momentum in the country since it was put forward by economist Gabriel Zucman.
Arnault, who until recently held the title of the world’s richest man, argued the tax would be devastating for the economy, noting that his conglomerate is the “largest individual taxpayer” in France.
In 2012, Arnault sparked controversy after announcing he would apply for Belgian nationality, before withdrawing his request the following year, citing his “attachment” to France.
Zucman has estimated the proposed tax could generate €20 billion for the state, though other economists believe revenues would be closer to €5 billion if the wealthy chose to leave the country.
