Forty of the 500 biggest fortunes in France according to the Challenges magazine have a €20 billion stake in Belgian companies, L’Echo reported on Saturday.
According to an investigation by the economic newspaper, based on public documents and the latest balance sheets published, 10 of the 100 wealthiest French people own €15 billion in companies in Belgium.
Another combined stake of €5 billion is held by persons or families whose fortunes are ranked 100th to 500th in France, reports Belga News Agency, quoting L’Echo. About half of these investors are residents of Belgium.
French investors began switching to Belgium after a wealth tax announced by then-President François Hollande made the Belgian taxation system that much more attractive. Notional interest rates in Belgium did the rest.
The CEO of the LVMH luxury group – which owns Louis Vuitton – Bernard Arnault, for example, has €7.7 billion in investments in Belgium. Other big names mentioned by L’Echo include the Dassault and Mulliez families, founders of Auchan and Décathlon.
