Overview

• Bernard Arnault told the Sunday Times the proposed levy would "destroy the French economy" and labeled Gabriel Zucman a "far-left activist" with "pseudo-academic" credentials.
• Zucman rejected the claims, saying he has never been a political activist and calling Arnault’s remarks caricatural and unfounded, urging a debate grounded in facts.
• The plan would impose a 2% annual tax on wealth above €100 million, which Zucman estimates could raise about €20 billion from roughly 1,800 households.
• Other economists warn the yield could be far lower, with some projections near €5 billion if the ultra-wealthy restructure assets or relocate.
• The Socialist Party is pressuring Prime Minister Sébastien Lecornu to include the levy in the 2026 budget, with leaders on the left—including Olivier Faure, Marine Tondelier, and Thomas Piketty—publicly rebuking Arnault's attack.