Wealth Tax Would Be Deadly for French Economy, Says Europe’s Richest Man

THE GUARDIAN: LVMH owner Bernard Arnault, who could take €1bn hit, says proposed 2% levy ‘aims to destroy liberal economy’

Europe’s richest man, the luxury goods magnate Bernard Arnault, has said that a wealth tax that could cost him more than €1bn (£817m) would be deadly for France’s economy.

The French founder of LVMH Moët Hennessy Louis Vuitton said in a statement to the Sunday Times that calls for a 2% wealth tax on all assets “aims to destroy the liberal economy, the only one that works for the good of all”.

The idea of a wealth tax has steadily gained ground in France because of a political crisis, with the government trying to push through unpopular budget cuts. The idea of a 2% wealth tax on fortunes worth more than €100m has been proposed by Gabriel Zucman, an economics professor who has become a household name in France.

The economist argues that the tax – named the Zucman tax by others – could help France with its squeezed budget. The French president, Emmanuel Macron, this month appointed a new prime minister, Sébastien Lecornu, after the centrist François Bayrou failed to win support for an austerity budget. » | Jasper Jolly | Sunday, September 21, 2025

ISF, héritage, dividendes… Au-delà de l’impôt Zucman, les propositions socialistes pour «taxer les riches» : DÉCRYPTAGE - La taxe très polémique sur les plus grands patrimoines reste son cheval de bataille dans les négociations avec Matignon, mais le PS a d’autres mesures en tête pour créer des recettes. »

Bernard Arnault étrille Gabriel Zucman et sa taxe sur les riches : Le milliardaire français estime que l’économiste est un « militant d’extrême gauche » animé d’une « volonté clairement formulée de mettre à terre l’économie française ». »

DOSSIER : Taxe Zucman sur le patrimoine des grandes fortunes : notre dossier pour tout comprendre : Cet impôt plancher de 2 % sur le patrimoine des 0,01 % des Français les plus riches est préconisé par l’économiste Gabriel Zucman et défendu par la gauche. Serait-il adopté ? »

Transactions Involving Bernard Arnault Investigated Over Suspected Money Laundering

GUARDIAN EUROPE: Paris public prosecutor’s office examining ski resort deal but Russian businessman Nikolai Sarkisov denies personal involvement

LVMH owner Bernard Arnault is the world’s second richest person Photograph: Pascal Rossignol/Reuters
The Paris public prosecutor’s office is investigating financial transactions allegedly involving the French billionaire Bernard Arnault and a Russian businessman.

The prosecutors are investigating transactions involving Arnault, whose ownership of the luxury goods group LVMH has made him the world’s second richest person after Elon Musk, and Nikolai Sarkisov, Reuters reported, citing a statement from the Paris prosecutor’s office. Sarkisov’s brother, Sergei, founded the Russian insurance company Reso-Garantia.

The French newspaper Le Monde first reported the existence of the investigation, citing transactions involving property at the Courchevel ski resort. It cited a December 2022 document from Tracfin, part of France’s justice system focused on combating money laundering, which reportedly lists transactions “which may characterise money laundering”. » | Jasper Jolly | Friday, September 29, 2023

Les interrogations de Tracfin sur une transaction entre des sociétés de l’oligarque russe Nikolaï Sarkisov et de Bernard Arnault : L’achat de propriétés dans la station de ski huppée de Courchevel intrigue la cellule française de renseignement financier. »