A growing debate in France has been sparked by a proposal from economist Gabriel Zucman to impose a minimum two-percent annual tax on net wealth above one hundred million euros.

Bernard Arnault, the luxury mogul and chief executive of LVMH, has strongly condemned the plan, calling it “deadly for our economy” and accusing its backers of ideological motives.

The proposal, often referred to as the “Zucman tax,” would include unrealised gains, company shares, and other assets in its definition of wealth.

While the proposal is being pushed by Socialist lawmakers, Prime Minister Sébastien Lecornu has expressed caution, warning that “professional assets” require special handling.

Economists disagree on how much revenue it could generate — estimates range from around fifteen billion euros annually to much less.

Public support appears high, with recent polls showing roughly eighty-six percent of citizens favouring a wealth tax on the ultra-rich.

Arnault has also criticised Gabriel Zucman personally, calling him a “far-left activist” despite Zucman’s defence that his work is academic research.

The debate comes amid France’s fiscal challenges and political pressure to address public deficits without undermining business confidence.