Bernard Arnault Says a Wealth Tax Will Destroy the French Economy

Nobody puts billionaire in a legislative corner.

The founder and CEO of luxury behemoth LVMH, who currently ranks as France’s richest man with a net worth of roughly $169 billion, has come out swinging against a proposed wealth tax in his home country, telling The Sunday Times it would kill the French .

The brainchild of economics professor , the proposed measure calls for a 2 percent tax on fortunes above €100 million (about $117.5 million). Zucman believes it could raise as much as €20 billion ($23.5 billion) per year from 1,800 households, but have argued that it would only pull in €5 billion ($5.9 billion) if the wealthy leave France.

Arnault, who stands to lose more than €1 billion ($1.2 billion) with the tax, has accused Zucman of being “first and foremost a far-left activist”