PEOPLE, CAPITAL AND MONEY WILL MOVE WHERE THEY ARE TREATED BEST. EXPECT MORE OF THIS.
France’s richest man moves to Belgium and takes multi-billion pound fortune with him ‘to avoid new socialist super-tax’
- Bernard Arnault, head of luxury goods group LVMH, insists that he moved the cash and assets for ‘family inheritance reasons’
- It is thought he wants to avoid a 75 per cent top rate on income being introduced by President Francois Hollande
By PETER ALLEN
PUBLISHED: 14:35 EST, 24 January 2013 | UPDATED: 09:42 EST, 25 January 2013
The richest man in France has officially transferred his multi-billion pound fortune out of his homeland to Belgium.
Bernard Arnault, head of luxury goods group LVMH, insists he has moved his assets for ‘family inheritance reasons’.
But others are convinced that the 63-year-old has joined other tycoons and celebrities in wanting to avoid taxes – including a 75 per cent top rate on income – introduced by Socialist President Francois Hollande.
Mr Arnault applied for a Belgian passport soon after the Socialists won elections last year.