Overview

• LVMH chief Bernard Arnault denounced a 2% levy on fortunes above €100 million as an effort to "destroy the French economy" and labeled economist Gabriel Zucman a "far-left activist."
• Zucman rejected the attacks, defended his academic work, and estimates the tax could raise about €20 billion annually from roughly 1,800 households.
• Business leaders warn of an exodus of wealthy residents, with relocations to Italy’s flat‑tax regime cited and advisers noting the UK has become a less likely haven after non‑dom reforms.
• The Socialist Party is pressing to include the measure in the 2026 budget, with reports it could force a confidence vote if the government refuses.
• Arnault, worth about $169 billion and reportedly facing a bill exceeding €1 billion under the plan, encountered pushback from left figures and economists such as Thomas Piketty, while a Socialist‑commissioned Ifop poll found 86% support for the levy.