France's ultra‑rich tax yields €369 million, far below target, amid millionaire exodus

The contribution differential on high incomes (CDHR) was introduced in the 2025 finance law to ensure households earning over €250,000 pay at least 20% tax. It was expected to affect about 65,000 families and raise €1.9 billion, but the Treasury reported revenue of only €369 million, roughly one‑quarter of the forecast. Analysts say many ultra‑wealthy individuals retained dividends in their companies and waited for lower rates, undermining the tax’s effectiveness.

A separate Henley & Partners report shows that France recorded a net loss of 800 millionaires in 2025, representing about $4.4 billion in wealth moving abroad. The United Arab Emirates, the United States and Italy were among the top destinations, while only a handful of countries showed a larger outflow. The findings highlight the difficulty of taxing the richest and retaining them within the French economy.