Wealthy French Spooked by Election Explore Possible Moves Abroad
- Left parties pledged to raise taxes on the rich in campaign
- Hung parliament has created uncertainty about future policies
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France’s hung parliament and deeply divisive election campaign have left many of the country’s richest residents increasingly worried about political and fiscal instability to the point where some may decide to leave, according to wealth managers.
Their warning comes as the main political parties jockey to gain control of the National Assembly — which is now roughly split into three blocks — and form a new government. The possibility that some of the proposals for higher taxes put forward during the campaign to pay for costly spending programs could soon become law has left some individuals weighing options about how to protect themselves.