Bernard Arnault, the luxury goods magnate who is France’s richest person and most emblematic business figure, has transferred his multi-billion euro fortune to Belgium, reports The Times.
The move reignited a fierce debate over President Hollande’s tax policies, which critics say are driving the wealthy out from France.
However, Mr Arnault’s aides insisted that he had moved his money to Belgium not for financial reasons but because he wanted to ensure that LVMH, his luxury goods giant, remained in the family if he died.
The billionaire has established a structure destined to prevent his five children from selling their shares in the event of his death in what appears to be an attempt to prevent a dynastic squabble from undermining his empire.
A source close to him said the structure would be unlawful in France: “He has got two obsessions: controlling his group and ensuring that it survives him.”
But the revelation – which may help to explain why Mr Arnault, 63, applied for a Belgian passport last year – provoked fury in France.
Read more of this report from The Times.