Wealth tax would be deadly for French economy, says Europe’s richest man

Bernard Arnault, the owner of LVMH and Europe's richest man, has voiced strong opposition to a proposed 2% wealth tax in France, warning that it could cost him over €1 billion and be detrimental to the country's economy. He argues that such a tax threatens the liberal economic framework that benefits everyone. This debate is significant as it highlights the tension between wealth redistribution efforts and the concerns of high-net-worth individuals about the impact of taxation on economic growth.