January 25, 2013
The richest man in France has officially transferred his multi-billion pound fortune out of his homeland to Belgium.
Bernard Arnault, head of luxury goods group LVMH, insists he has moved his assets for ‘family inheritance reasons’.
But others are convinced that the 63-year-old has joined other tycoons and celebrities in wanting to avoid taxes – including a 75 per cent top rate on income – introduced by Socialist President Francois Hollande.
Mr Arnault applied for a Belgian passport soon after the Socialists won elections last year.
This article was posted: Friday, January 25, 2013 at 11:30 am