France’s ‘super-rich’ take their fortunes to Belgium

Jon Economy, Geopolitics, Government

A fifth of France’s 100 richest people have moved a total of 17 billion to neighbouring Belgium in recent years, a report showed at the weekend, saying the exodus is largely due to French socialist President Franois Hollande’s tax policies.
The report, published in Belgian financial daily L’Echo, lists France’s richest man, LVMH CEO Bernard Arnault, media moguls Stphane Courbit and Bernard Tapie, as well as the Mulliez family, which controls the Auchan supermarket chain, among those who have made the move.
But many of France’s wealthy appear to have crossed over the border only recently.
Many “have shown up in the past three years, in other words since Franois Hollande was inaugurated as president,” the paper writes, attributing it to the socialist government’s pressure to get the economy back into the black amid soaring unemployment and a ballooning deficit. 

This post was published at France24