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

LVMH owner Bernard Arnault, who could take €1bn hit, says proposed 2% levy ‘aims to destroy liberal economy’

Europe’s richest man, the luxury goods magnate Bernard Arnault, has said that a wealth tax that could cost him more than €1bn (£817m) would be deadly for France’s economy.

The French founder of LVMH Moët Hennessy Louis Vuitton said that calls for a 2% wealth tax on all assets “aims to destroy the liberal economy, the only one that works for the good of all”, in a statement to the Sunday Times.