France's richest man Bernard Arnault 'drops bid to become Belgian'

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The head of luxury group LVMH said he always denied the move was for tax reasons but had abandoned plans to avoid 'any ambiguity'.

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France's richest man Bernard Arnault has withdrawn his application for Belgian citizenship after the move caused a huge outcry in the country, reports The Daily Telegraph.

Mr Arnault, the head of luxury group LVMH, applied for the citizenship last year as Paris moved to impose a 75-percent tax on incomes above one million euros. He had always denied doing it for tax reasons.

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