French election campaign targets billionaires amid taxation debate

France's upcoming legislative elections have put the spotlight on billionaires like the Saade family, whose global shipping empire has thrived from Marseille.

Once discreet, the family and their company, CMA CGM SA, face scrutiny as political parties across the spectrum propose higher corporate taxes and the revival of a wealth tax, Bloomberg reports.

Jordan Bardella, a potential prime ministerial candidate under Marine Le Pen's National Rally, and leftist opponents agree on taxing the wealthy to fund expansive social programs. This proposal has stirred concerns among wealth managers about potential economic repercussions if affluent residents relocate from France.

President Emmanuel Macron's prior tax reforms aimed at attracting investment now face reversal ambitions, reminiscent of Socialist-era policies under Francois Mitterrand. Mitterrand's wealth tax led to tax exiles, highlighting historical tensions in France over wealth disparities and fiscal policy.

As France heads to the polls, the debate intensifies over balancing taxation of the ultra-rich with economic stability and investment attractiveness, setting the stage for pivotal electoral decisions with far-reaching implications.