French Billionaire Bernard Arnault Criticizes Proposed 2% Wealth Tax on Ultra-Rich

French billionaire Bernard Arnault, chairman and CEO of luxury conglomerate LVMH, has strongly opposed the proposed wealth tax in France, known as the Zucman tax, which would impose a 2% annual tax on assets exceeding €100 million. Arnault criticized economist Gabriel Zucman, who proposed the tax, labeling him a "far-left activist" and accusing him of using "pseudo-academic competence" to promote an ideology that threatens to dismantle the free economy. The tax aims to address fiscal inequality and could raise around €20 billion annually from approximately 1,800 ultra-wealthy households. Zucman denied any political activism, emphasizing his proposal is research-based and called for respectful debate grounded in facts. Arnault argued that the tax would harm the French economy by encouraging capital flight and discouraging business investment, a viewpoint shared by some conservatives but opposed by left-wing politicians who support the tax as a matter of economic solidarity. The debate is intensifying amid France's fiscal challenges and political instability, with the tax potentially being included in the upcoming national budget.