France Rises: Protestors Demand Heavier Taxes on the Ultra-Wealthy

Across France, growing public unrest is putting pressure on the government over tax policy as protestors, unions, and political parties push for heavier taxes on the wealthy. Sparked by concerns over inequality, rising public debt, shrinking public services, and the perception that those with the highest means are contributing too little, these demands are shaping debates in parliament, on the streets, and in the upcoming national budget.

Recent protests have included hundreds of thousands of participants in strikes and demonstrations. Teachers, hospital workers, public sector employees, students, and union groups, such as CGT and CFDT, are voicing frustration over austerity measures, pension reforms that extend working years, high fuel and energy costs, and uneven tax burdens. Among their key demands: increased public spending, reversal of harsh cuts, and specifically, heavier taxes on France’s richest citizens.

A central proposal in this debate is a “wealth tax” targeting fortunes exceeding €100 million. Economist Gabriel Zucman has championed this idea, which would levy a roughly 2% annual tax on assets exceeding that threshold. This includes not only cash or real estate but also investments, shares, and other holdings. Zucman estimates the tax could bring in €15–€20 billion per year, helping to close France’s budget gap, fund public services, and reduce inequality.

Politically, the Socialist Party has made the wealth tax a test of government resolve. They’re pressing Prime Minister Sébastien Lecornu to include it in the 2026 budget, making it a condition for their support. Failing to do so could put his government at risk of a no-confidence vote. Meanwhile, polling suggests strong public support: in one recent survey, 86% of the French population backed the idea of taxing the ultra-wealthy.

Opponents of the plan include wealthy individuals, business leaders, and some political actors who warn that such a tax could have unintended consequences. Bernard Arnault, head of the luxury group LVMH and one of France’s wealthiest citizens, has criticized the proposal as a threat to economic freedom and investment. Critics also highlight the risks of capital flight, legal challenges, and investment distortion, particularly when assets are illiquid or heavily tied to specific enterprises.

Institutional roadblocks also exist. Although a version of the wealth tax has passed in the National Assembly, the French Senate has rejected tighter taxes on the ultra-rich in earlier votes. This illustrates how, despite widespread support and strong political momentum, structural and constitutional challenges persist.

Austerity has intensified the urgency of these debates. With mounting public sector strikes and demonstrations, many French citizens view cuts in spending and rising living costs as unfairly distributed. While the wealthy are perceived by many to be benefiting more from tax privileges, average citizens feel squeezed by inflation, energy prices, and reduced government services. For many protestors, higher taxes on the rich aren’t just about fairness—they are seen as essential for preserving social safety nets.

On one hand, the government must address the public’s demand for tax justice and respond to deficits and pressures from opposition parties. On the other hand, it must balance the risk of economic backlash, investment flight, and maintaining competitiveness. How this plays out in the 2026 budget will be telling; whether heavier taxation on the wealthy becomes law or remains a rallying cry will depend on both political negotiation and public pressure.