Bernard Arnault, France’s wealthiest individual and CEO of luxury conglomerate LVMH, has launched a fierce critique against a proposed 2% tax on billionaires, condemning the measure as an ideological assault that would destroy the French economy.”
The tax, targeting assets exceeding $117 million, has gained significant political momentum, with Prime Minister Sébastien Lecornu facing pressure from the Socialist Party to include it in the 2026 budget or risk a confidence vote that could collapse his government.
Arnault, whose net worth exceeds $200 billion, defended the liberal economic model as the only one that works for the good of all, warning that the tax would undermine France’s competitiveness and economic stability.
Arnault expressed in an interview: “This is clearly not a technical or economic debate, but rather a clearly stated desire to destroy the French economy.”
The art collector dismissed the proposal's architect, economist Gabriel Zucman, while talking to The Sunday Times, and called him ‘first and foremost a far-left activist' employing pseudo-academic competence.
Zucman, a professor at France’s École Normale Supérieure swiftly rebutted the allegations on social media platform X, asserting: “I’ve never been an activist for any movement or party. Hello Mr. Bernard Arnault, excitement doesn't justify slander.”
The French economist further added: “Billionaires pay little or no income tax, and 86% of French people are right to want to end this privilege.”
The economist, among 300 academics who endorsed the left-wing Nouveau Front Populaire alliance’s economic platform last year, has consistently argued that ultra-high-net-worth individuals often pay proportionally lower tax rates than ordinary citizens.
Public opinion appears strongly aligned with the tax, with an Ifop poll commissioned by the Socialist Party this month showing 86% support among respondents.