Written by The Banking Post
France’s richest man, Bernard Arnault, has lashed out at a proposed 2.0% tax on fortunes above €100 million ($117 million), calling it a threat to the country’s economy.
“This is not a technical or economic debate, but a clear desire to destroy the French economy,” the LVMH chief said in an interview. He accused the plan’s architect, economist Gabriel Zucman, of being a “far-left activist” using “pseudo-academic competence” to push an ideology that undermines the liberal economic system, which Arnault described as “the only one that works for the good of all.”
The proposal has gained traction as Prime Minister Sébastien Lecornu faces mounting pressure from the Socialist Party to include it in the 2026 budget, or risk a confidence vote that could bring down his government.
Zucman, a professor at École Normale Supérieure in Paris and the University of California, Berkeley, rejected Arnault’s claims. “I’ve never been an activist for any movement or party,” he said on X, stressing his work is rooted in research.
Zucman has argued that the ultra-rich pay proportionally less tax than average citizens, a gap the levy seeks to address. He was also among 300 economists who backed the left-wing Nouveau Front Populaire’s platform in last year’s legislative elections.
Public opinion, however, appears firmly behind the measure. A recent Ifop poll commissioned by the Socialist Party showed 86% of French people support the tax.
