LVMH’s billionaire boss Bernard Arnault said the wealth tax would “destroy the french economy”

Some of France’s most high-profile entrepreneurs have rounded on a wealth tax proposal being touted by a party key to the flailing government’s fortune, warning it would risk “destroying the French economy” and sparking an exodus of the country’s wealthiest residents.

Bernard Arnault , the billionaire chief executive of luxury behemoth LVMH and France’s richest man, said that an annual wealth levy being proposed by the French Socialist party represented a “clear desire to destroy the French economy”.

“I cannot believe that the French political forces that govern or have governed the country could lend any credibility to this offensive, which is deadly for our economy,” he said in a statement.

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