Wealth Tax France
About Wealth Tax France
France introduced the Impot de Solidarite sur la Fortune, or wealth tax, in 1981 under President Mitterrand. The tax applied to net wealth over 720,000, with rates from 0.55 to 1.8 percent. The wealth tax was highly controversial. Critics argued it drove wealthy French people to leave France, with estimates of 10,000 to 42,000 departures annually. In 2018, President Macron replaced the ISF with the IFI, which applies only to real estate wealth, not financial assets. The reform was criticized as a gift to the wealthy. The Yellow Vest movement that began in late 2018 cited the wealth tax reform as one of its grievances. France remains one of the few developed countries with a wealth tax on real estate.
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