Wealth tax would be deadly for French economy, says Europe’s richest man

LVMH owner Bernard Arnault, who could take 1bn hit, says proposed 2% levy aims to destroy liberal economy'

Europe's richest man, the luxury goods magnate Bernard Arnault, has said that a wealth tax that could cost him more than 1bn (817m) would be deadly for France's economy.

The French founder of LVMH Moet Hennessy Louis Vuitton said in a statement to the Sunday Times that calls for a 2% wealth tax on all assets aims to destroy the liberal economy, the only one that works for the good of all".