According to an article in the Journal du Dimanche, France is the largest exporter of millionaires in the world. Over the last decade, it has consigned 60,000 of them to other countries in Europe, the United States, and elsewhere. London, in particular, has benefitted from the French exodus (and not only of millionaires); it is now one of the most populous Francophone cities in the world.
Exports of millionaires (and their millions) were especially strong in the years of François Hollande’s presidency, during which the current president, Emmanuel Macron, was Minister of the Economy for a time. The cause of the exodus was, of course, high taxation; France has some of the stupidest taxes in the world, including one on capital— economist Thomas Piketty’s favored solution to mankind’s problems.
As a hard-line opportunist, not necessarily the worst thing to be in politics, Macron may soon, like Sganarelle in Le Médecin malgré lui (he is said to be a great fan of Molière), change all that. Conceptually, this is easy to do; politically, it is not, thanks to years of anti-rich demagoguery. But Macron now has a strong hand, and if he succeeds, the flow from Paris to London could soon reverse, even become a flood.
Britain is on a knife’s edge, and anti-rich demagoguery is on the upsurge. The leader of the opposition, Jeremy Corbyn, could soon become prime minister, and he has already suggesting requisitioning property by government fiat for reasons of alleged social justice. Following the disastrous fire in Grenfell Tower, Corbyn proposed seizing the houses of wealthy foreigners (mostly Arabs and Russians) in order to house the survivors: a pandering to the worst instincts of the mob.
Source: for MORE