Criticism of the tax on billionaires/ France's richest man, Arnault, speaks out against it
Bernard Arnault, the head of luxury goods group LVMH and France's richest man, has spoken out against a proposal for a 2% tax on billionaires, calling it an attack on the French economy and denouncing the plan's architect as a far-left ideologue.
The tax, which would target wealth over 100 million euros, has gained political traction in France, where Prime Minister Sébastien Lecornu is under pressure from the Socialist Party to include it in the 2026 budget, or face a confidence vote that could bring down his government.
"This is clearly not a technical or economic debate, but rather a clearly stated desire to destroy the French economy," Arnault said.
He accused the plan's architect, economist Gabriel Zucman, of being "first and foremost a far-left activist" who uses "pseudo-academic competence" to promote an ideology aimed at dismantling the liberal economic system, which Arnault described as "the only one that works for the good of all."
Zucman, a professor at France's École Normale Supérieure and the University of California, Berkeley, denied the allegations.
"I have never been an activist for any movement or party," he told X, adding that his work was based on research, not ideology.
Zucman was among 300 economists who publicly supported the economic platform of the left-wing alliance Nouveau Front Populaire ahead of last year's legislative elections.
He has recently argued in media appearances that the ultra-wealthy pay proportionally less in taxes than many other citizens, a gap that the proposed tax aims to close.
The tax has broad public support, with an Ifop poll commissioned by the Socialist Party this month showing 86% in favor.
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