Bernard Arnault Warns Wealth Tax Plans Threaten French Economy Amid High Public Support

Bernard Arnault, France's richest man and head of luxury group LVMH, has strongly criticized a proposed 2% wealth tax on ultra-rich households, calling it ideological and warning it would destroy the French economy. The tax, advocated by economist Gabriel Zucman, targets fortunes above €100 million and aims to raise approximately €20 billion annually to help close France's budget deficit. Arnault described Zucman as a "far-left activist" whose ideas threaten the liberal economy, dismissing the proposal as a politically motivated attack rather than a technical economic solution. Despite Arnault's opposition, the tax has significant public support, with polls showing 86% of French voters in favor, and it has been backed by left-wing parties and some prominent economists. Socialist and Green leaders have criticized Arnault's stance, accusing him of lacking patriotism and having conflicts of interest. The debate highlights tensions between efforts to address France's fiscal challenges and resistance from the country's wealthiest individuals.