Gabriel Zucman is a French economist who proposed a 2% annual tax on wealth exceeding €100m. The proposal, known as the taxe Zucman, would affect France's richest 1,800 households and could raise €15bn-25bn a year by Zucman's estimate—though other French economists put the figure at only €5bn, owing to tax exile and optimisation.
Zucman calculates that the top 0.01% of French households pay a lower effective tax rate than everyone else, thanks to tax-optimisation vehicles. He estimates the average effective tax rate in France at 50%, compared with 27% for billionaires. The tax has become a totem for the French left; a poll in September 2025 found 86% of the public in favour. Bernard Arnault called Zucman "a far-left activist". Arthur Mensch, co-founder of Mistral, went on television to argue that his wealth is virtual; Zucman suggested entrepreneurs could pay "in kind" by handing shares to the state.
Experience teaches you that the man who looks you straight in the eye, particularly if he adds a firm handshake, is hiding something.