Investment Migration – From: France

There are several reasons why millionaires have been leaving France in recent years.

  1. High Taxation: One of the main reasons is the high tax burden in France, which has been a source of frustration for many wealthy individuals. France has one of the highest tax rates in the world, with a top income tax rate of 45%, and a wealth tax that was in place until 2017 — that applied to individuals with assets over €1.3 million. This tax was seen as a significant burden by many wealthy individuals, as it was calculated based on the total value of an individual’s assets, including real estate, investments, and other assets.

  2. Business Environment: In addition to the high tax burden, some millionaires have also expressed concerns about the business environment in France, which they view as being less favorable than other countries. There is an innuendo that the country is not business-friendly, and a perceived lack of economic growth. Some have cited the country’s strict labor laws and regulations, as well as its complex bureaucracy, as reasons why it is difficult to do business in France. Additionally, some have expressed concern about the government’s policies towards entrepreneurship and innovation, which they view as being less supportive than other countries.

  3. Political Environment: Some have also cited political instability, social unrest as reasons for leaving. Political instability and social unrest have also been cited as factors that have contributed to the trend of millionaires leaving France. In recent years, France has experienced a number of high-profile protests and strikes, which have led to disruptions in transportation, business, and daily life. Some wealthy individuals may view this as a sign of instability and uncertainty, and may be more inclined to move to countries with more stable political environments.

It’s worth noting that while some millionaires have been leaving France, the country still has a large number of wealthy individuals and remains an important center of business, finance, and culture in Europe. In fact, many of the world’s most wealthy, opinion-leaders, aficionados of fashion and the Haut Culture of the western world, the Crème de la crème of the aristocracy — seek out France to spend time in — Paris, Côte d’Azur, Provence, France’s legendary Chateaux and wine-growing areas.

Moreover, the trend of millionaires leaving France is something that has been noted by economists and policymakers, and there have been efforts to address some of the concerns that have been raised by wealthy individuals. For example, in recent years, the French government has introduced a number of reforms aimed at making the country more business-friendly, including changes to labor laws and regulations, and efforts to simplify the tax system.


Review the following, to get some perspective on this subject.

  1. Lessons from history: France’s wealth tax did more harm than good
    Investors’ Chronicle.  

  2. France Tried Soaking the Rich. It Didn’t Go Well.
    BNN Bloomberg.  

  3. France’s Top Green wants a country without Millionaires
    News MC.  

  4. If a Wealth Tax is Such a Good Idea, Why Did Europe Kill Theirs?

  5. Millionaires can’t seem to flee this European country fast enough

  6. Note placement of France on the below chart:

Overall, the reasons for millionaires leaving France are mostly related a High Tax regimen, and Cultural issues.