Profile: Bernard Arnault, France’s fickle billionaire

Thirty years of fleeing the French.

The year was 1981 and François Mitterrand had just been elected the first socialist French President in 23 years. His "110 Propositions for France" included some long suppressed socialist party policies: nationalisation, increased minimum wage and a 39 hour week. But of more concern to Bernard Arnault, who’s family owned a construction and property company out of Roubaix, was the L'impôt de solidarité sur la fortune – the solidarity wealth tax.    

Did Arnault stick around to pay his taxes? Not at all. Taking the family cash (then about 40m francs), he fled to Florida and spent the next three years buying up Palm Beach condominiums.  He only returned to France years later to buy Christian Dior and LVMH in 1987. 

With another socialist government in power, why are the French media so enraged that Arnault is planning to do it again? Filling headlines with obscenities and untranslatable swear words is not going to stop a man who for over thirty years has fled French wealth taxes. The only question that remains is whether he follows France’s second richest family, the Mulliezs’, to Belgium or goes to Britain where he has already been welcomed by the Queen with a KBE. Wherever he goes there are sure to be many billionaires that follow.

Bernard Arnault. Photograph: Getty Images

Oliver Williams is an analyst at WealthInsight and writes for VRL Financial News

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David Cameron calls Sadiq Khan a “proud Muslim” – after trying to link him to Islamic extremism

The PM has his best flipflops on.

After months of backing the nasty racial politics of the Tory mayoral campaign, the Prime Minister has taken the bold move of sharing a platform with infamous moderate Sadiq Khan on the EU Remain campaign trail. Quite a spectacular about-turn.

Compare and contrast, readers.

David Cameron, 20 April 2016

“If we are going to condemn not just violent extremism, but also the extremism that seeks to justify violence in any way, it is very important that we do not back these people, and we do not appear on platforms with them. And I have to say, I am concerned about Labour’s candidate for Mayor of London, who has appeared again and again and again . . . The Honourable Member for Tooting has appeared on a platform with him [imam Suliman Gani] nine times. This man supports IS.”

David Cameron, 30 May 2016

“Let me first of all congratulate Sadiq on his victory. He talked about his father. He’s the son of a bus driver. I’m the son of a stockbroker, which is not quite so romantic. But he makes an important point about our country. In one generation someone who’s a proud Muslim, a proud Brit and a proud Londoner can become mayor of the greatest city on Earth. That says something about our country. There are still glass ceilings we have got to smash. There’s still discrimination we have got to fight.”

What a difference a month makes, eh?

I'm a mole, innit.