Bernard Arnault Criticized The Idea Of A Wealth Tax In France

The richest man in Europe thinks it will destroy the economy.

LVMH founder (owns Christian Dior, Bulgari and Loro Piana) Bernard Arnault (he and his family are the seventh richest people in the world according to Forbes with a fortune of $157.1 billion) believes that the introduction of a wealth tax, dubbed the "Zucman tax," in France could destroy the economy, reports Bloomberg.

He criticized the idea of economist Gabriel Zucman, who advocates a 2% tax on wealth exceeding €100 million.

Zucman is "above all an extreme left-wing activist," the billionaire told the Sunday Times. "He uses his pseudo-academic knowledge, which is itself widely debated, to serve his ideology (which aims to destroy the liberal economy, the only one that works for the benefit of all)," he is convinced. Arnault, whose fortune is estimated at $169 billion according to the Bloomberg Billionaires Index, is the richest person in Europe.

The introduction of a tax for the rich is supported by Socialist MPs. They said it would bring in €15 billion annually to the budget.

In an interview with Reuters, Zucman said that in many countries the richest families pay less tax than most citizens, but in France the gap is particularly marked.

"Firstly, billionaires in France pay virtually no income tax, and secondly, their fortunes have grown particularly fast over the past 15 years," he said.

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