France’s socialist government gives the impression of being tough on the super-rich with its ‘millionaires’ wealth tax that was thrown out at the end of last year on a technicality. The 75% tax, which the Minister of Economy and Finance, Pierre Moscovici, admits would yield only €400-500 million at best. 1% of what could be gained by removing a large portion of tax loopholes.
Yet under its austerity plan, from 1 April this year, pensions will rise by 1.5% less than inflation, and in the following years to 2017 they will rise by 1% below the rise in the cost of living. Around 13 million pensioners are on around 1,000 euros a month on average. And more than a million people over the age of 64 live in poverty.
Meanwhile France's top 40 listed companies (CAC 40) has paid out more than 100 billion euros in dividends, in the three years to 2011. In addition to bonuses, stock options and free shares, half of the bosses of the France’s top 40 listed companies (CAC 40) will receive supplementary pensions, or retraites-chapeaux, netting them 545,000 euros annually each on average when they retire. Franck Riboud of Danone, Jean-Paul Agon of L’Oréal and Henri de Castries of Axa are to pocket more than a million euros each.
Bernard Arnault, France’s richest man, gained $8.1 billion as shares of LVMH (MC) Moet Hennessy Louis Vuitton SA and its publicly traded holding company Christian Dior SA soared. In May, the LVMH chairman’s net worth was lowered $15 billion on the index because of the way his ownership stake in the world’s largest luxury-goods company is structured. The 63- year-old controls 46.5 percent of LVMH’s share capital, according to the 2011 annual report of the Paris-based maker of Louis Vuitton handbags and Moet & Chandon champagne. That figure includes 5.6 percent of LVMH shares held by Arnault, and a 40.9 percent stake of the company owned by Christian Dior. His net worth is valued at $28.8 billion. Liliane Bettencourt net worth is $ 26.8 billion.
French car maker Renault is making its workforce pay for the extreme austerity policies of the French and other EU governments. It aims to cut 7,500 jobs – or 14% of the payroll – in France by 2016, citing falling demand, caused by spending cuts. Bad news for the employees, but not for shareholders, who have been served well by the company, receiving 324 million euros in dividend payments in 2011. The rival French carmaker PSA Peugeot Citroen to axe more than 10,000 domestic jobs and close an assembly plant near the French capital. Peugeot CEO Philippe Varin took home 1.3 million euros in 2011. Renault boss Carlos Ghosn took home 2.9 million euros that year.
Yet under its austerity plan, from 1 April this year, pensions will rise by 1.5% less than inflation, and in the following years to 2017 they will rise by 1% below the rise in the cost of living. Around 13 million pensioners are on around 1,000 euros a month on average. And more than a million people over the age of 64 live in poverty.
Meanwhile France's top 40 listed companies (CAC 40) has paid out more than 100 billion euros in dividends, in the three years to 2011. In addition to bonuses, stock options and free shares, half of the bosses of the France’s top 40 listed companies (CAC 40) will receive supplementary pensions, or retraites-chapeaux, netting them 545,000 euros annually each on average when they retire. Franck Riboud of Danone, Jean-Paul Agon of L’Oréal and Henri de Castries of Axa are to pocket more than a million euros each.
Bernard Arnault, France’s richest man, gained $8.1 billion as shares of LVMH (MC) Moet Hennessy Louis Vuitton SA and its publicly traded holding company Christian Dior SA soared. In May, the LVMH chairman’s net worth was lowered $15 billion on the index because of the way his ownership stake in the world’s largest luxury-goods company is structured. The 63- year-old controls 46.5 percent of LVMH’s share capital, according to the 2011 annual report of the Paris-based maker of Louis Vuitton handbags and Moet & Chandon champagne. That figure includes 5.6 percent of LVMH shares held by Arnault, and a 40.9 percent stake of the company owned by Christian Dior. His net worth is valued at $28.8 billion. Liliane Bettencourt net worth is $ 26.8 billion.
French car maker Renault is making its workforce pay for the extreme austerity policies of the French and other EU governments. It aims to cut 7,500 jobs – or 14% of the payroll – in France by 2016, citing falling demand, caused by spending cuts. Bad news for the employees, but not for shareholders, who have been served well by the company, receiving 324 million euros in dividend payments in 2011. The rival French carmaker PSA Peugeot Citroen to axe more than 10,000 domestic jobs and close an assembly plant near the French capital. Peugeot CEO Philippe Varin took home 1.3 million euros in 2011. Renault boss Carlos Ghosn took home 2.9 million euros that year.
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