France Loses 800 Millionaires and €4 Billion in 2025 as Tax Fight Deepens
Updated
Updated · Euronews · Jul 24
France Loses 800 Millionaires and €4 Billion in 2025 as Tax Fight Deepens
3 articles · Updated · Euronews · Jul 24
Summary
A net 800 millionaires left France in 2025, taking about €4 billion in personal assets with them, based on an average €5 million per departing wealthy resident.
Political churn — six prime ministers in five years, repeated budget crises and uncertainty before the 2027 election — has added to concerns over France's debt path and policy direction.
Tax policy has sharpened those worries: Gabriel Zucman's proposed 2% levy on fortunes above €100 million, plus a five-year exit tax, passed the lower house before being blocked and later dropped.
The 2026 finance law instead imposed a 20% tax on luxury assets held in passive family structures worth at least €5 million, keeping pressure on wealthy households even without a broad wealth tax.
The outflow is small against France's 2.4 million millionaires, but it revives a long-running debate over whether taxing wealth can raise revenue without driving capital, investment and entrepreneurs abroad.