French Wealth Tax Threat Could Drive US$1.4 Billion A Year Offshore

Ten Wealthiest French Have Combined Assets Of US$123 Billion

News provided by

Wealth-X

Jul 15, 2013, 06:00 ET

PARIS, July 15, 2013 /PRNewswire/ -- On the 224th anniversary of the storming of the Bastille, the French are in a revolutionary mood – but this time it is the wealthiest echelons of society who are voting with their feet.

Uncertainty surrounding the top tax levy on the country's wealthiest citizens, which could be as high as 60 percent, has prompted a number of ultra wealthy individuals to exit for more liberal tax regimes.

These reportedly include model Laetitia Casta who left for London, celebrity restauranteur Alain Ducasse, for Monaco, and actor Gerard Depardieu for Russia. French actors Johnny Halliday and Alain Delon both reportedly moved to Switzerland, while Bernard Arnault, France's wealthiest man, and music producer Jean Michel Jarre are said to be considering leaving.

France is home to 4,305 ultra high net worth (UHNW) individuals with total assets of US$530 billion. If just 10 percent of this population leaves, it could signify a loss of $1.4 billion a year at the top tax rate of 60 percent, according to Wealth-X.

"If a heavy top tax burden is implemented, France may see an exodus of its wealthiest individuals, resulting in billions moving offshore," said Wealth-X CEO Mykolas D. Rambus.

Below is the first five of France's ten wealthiest individuals with combined assets of US$123 billion.

Rank

First Name

Last Name

Age

Primary Company

Primary/Industry

Net Worth

(US$ billion)

1

Bernard

Arnault

64

Groupe Arnault

Finance / Banking / Investment

28

2

Liliane

Bettencourt

91

L'Oreal

Textiles, Apparel & Luxury Goods

26

3

Francois

Pinault

77

Financiere Pinault

Finance / Banking / Investment

14

4

Serge

Dassault

88

Groupe Dassault

Industrial Conglomerates

14

5

Gerard

Mulliez

82

Auchan Group

Food Products

13

For the full list, visit http://www.wealthx.com/articles/2013/wealth-tax-threat-drives-frances-uhnw-to-other-jurisdictions/

About Wealth-X

Wealth-X provides detailed intelligence on ultra high net worth (UHNW) individuals globally, with assets of US$30 million and above. The firm's Wealth-X Professional solution is the standard for banking, marketing and not-for-profit professionals working with the ultra affluent. Headquartered in Singapore, Wealth-X has 12 offices around the world.  

For more information about Wealth-X, visit: www.wealthx.com 

SOURCE Wealth-X

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