17 April. Paris, France. Today, activists from 350.org and Attac displayed a giant puppet of billionaire Bernard Arnault, a ‘Tax the Rich’ banner and chanted slogans as LVMH shareholders made their way to the group’s annual Annual General Meeting (AGM). While the French Finance minister Éric Lombard recently announced the government’s intention to cut an additional EUR 40 billion in the upcoming 2026 national budget, their message to Prime Minister Bayrou is clear: stop presenting austerity policies as unavoidable and instead have the political courage to establish a wealth tax which revenues could significantly improve French people’s lives. Photos of the protest will be available here.
This action took place directly outside the LVMH AGM at the Carrousel du Louvre. Bernard Arnault oversees the LVMH empire of 75 fashion and cosmetics brands, including Louis Vuitton and Sephora. Arnault is the world’s sixth richest person with a current net worth of $146.5 billion USD but has a history of avoiding taxes, and is personally responsible for emitting as much carbon pollution as 1,158 ordinary French people.
Fanny Petitbon, France Team Lead at 350.org said:
“While Bernard Arnault and the super-rich hoard their wealth like a dam holding back a river, they’re denying ordinary people the benefits that money from fair taxes could deliver—affordable renewable energy, warm homes, modern transport, and secure, future-proof jobs. A 2% tax on France’s super-rich could raise up to €25 billion a year—enough to invest in public services and supercharge a renewable energy transition that lifts everyone up. It’s time for the government and Members of Parliament to stop letting a tiny number of ultra-wealthy individuals dictate the rules of the game and block the flow of progress for the many.”
Lou Chesné, spokesperson for Attac, said:
“The ultra-rich like Bernard Arnault, whose investments and lifestyle harm the planet, continue to get richer and to benefit from numerous tax loopholes: more than €207 billion since 2017, almost a quarter of the debt increase over this period, as we demonstrated in our latest report. The government continues to justify its drastic budget cuts by the need to reduce the State’s ‘abysmal debt’. We’ve heard the same sermon for over 20 years from the supporters of neoliberal policies: we have lived beyond our means, we need to make an effort, reduce public spending, work more… However, if you look at the causes of the increase in public debt, you will see that this discourse is no more than a lie.
In June, the French Senate has an opportunity to vote on a proposed 2% wealth tax targeting individuals with assets exceeding €100 million, known as the “Zucman tax.” This measure, already approved by the National Assembly in February, aims to address tax strategies that allow the ultra-rich to pay proportionally less tax than average people, potentially generating between €15 and €25 billion annually. There is growing support for the Zucman Tax across France—more actions are expected in the coming weeks.
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Notes to Editor
Media Contact: Mark Raven, [email protected], +447841474125
Growing support to Tax Their Billions:
- According to polling by Oxfam France, 76% of French people are in favour of reinstating the solidarity wealth tax, and 80% support abolishing tax loopholes.
- More than 100,000 people have already signed a petition demanding that governments tax extreme wealth.
- A survey of 22,000 citizens in the world’s largest economies by Earth4All revealed an overwhelming 68 percent of G20 respondents are supportive of higher taxes on the wealthy to finance significant economic and lifestyle changes.
- An alliance of over 50 civil society organisations has been established, urging governments to #TaxTheSuperRich and end extreme inequality.
- Over 370 millionaires and billionaires are asking to be taxed and recently, the Vatican hosted a conference with prominent guests on tax justice and economic reform.
- 350.org has published the Tax Their Billions Dossier calling out eight billionaires for their extreme wealth and the disproportionate role they play in the climate crisis. The Tax Their Billions Dossier targets ultra-wealthy figures such as Bernard Arnault, Vincent Bolloré, Jim Ratcliffe, and the heirs of the BMW fortune, who are accused of paying far less in taxes than their fair share while profiting from industries that fuel the climate crisis.
Attac and the CADTM recently published a report entitled ‘La dette de l’injustice fiscale’ (The Debt of Tax Injustice), which outlines, with breaking figures, how the reduction in public revenues and tax loopholes have increased the public debt.