France's Richest Man Slams Proposed Weath Tax As 'Assault On French Economy'

France's wealthiest individual, Bernard Arnault, who heads the luxury conglomerate LVMH, has strongly criticized a proposed 2% billionaire tax, characterizing it as a direct attack on the French economy.

Bernard Arnault, Chairman and CEO of LVMH Pool

The controversial wealth tax, targeting fortunes exceeding 100 million euros ($117 million), has gained significant political momentum in France. Prime Minister Sebastien Lecornu now faces mounting pressure from the Socialist Party to incorporate this measure into the 2026 budget or risk a confidence vote that could potentially collapse his administration.

"This is clearly not a technical or economic debate, but rather a clearly stated desire to destroy the French economy," Arnault declared in an interview with Britain's Sunday Times.

In his pointed criticism, Arnault described Gabriel Zucman, the economist behind the tax proposal, as "first and foremost a far-left activist" utilizing "pseudo-academic competence" to advance an ideology aimed at undermining the liberal economic framework - a system Arnault defended as "the only one that works for the good of all".

Zucman, who holds professorial positions at France's prestigious Ecole Normale Superieure and the University of California, Berkeley, promptly refuted these allegations.

"I've never been an activist for any movement or party," he stated on X, emphasizing that his work is firmly rooted in research rather than ideological motivations.

It should be noted that Zucman was among 300 economists who publicly endorsed the economic platform of the left-wing Nouveau Front Populaire coalition before last year's legislative elections.

In recent media appearances, Zucman has highlighted that ultra-wealthy individuals often pay proportionally less in taxes compared to ordinary citizens - a disparity the proposed tax aims to address.

The wealth tax proposal appears to enjoy widespread public support, with an Ifop poll commissioned by the Socialist Party this month revealing 86% approval among French citizens.