France sees exodus of 800 millionaires, carrying €4 billion abroad

A recent wealth‑migration report found that France recorded a net loss of about 800 millionaires in 2025. On average each departing high‑net‑worth individual took roughly €5 million in personal assets, amounting to an estimated €4 billion of capital leaving the country, according to the French Institute for Research on Public Administration and Politics (iFRAP).

Analysts link the outflow to a mix of political and fiscal factors: six prime ministers in five years, recurring budget crises and mounting public debt have created uncertainty, while the prospect of the 2027 presidential election adds further unease. A proposed 2 % annual wealth tax on fortunes over €100 million – championed by economist Gabriel Zucman – and an accompanying exit‑tax provision have also spurred wealthy residents to relocate.