France’s wealth tax -- targeting those with personal assets of more than about $1.5 million – resulted in the country losing about 10,000 people over the past 15 years, Prime Minister Edouard Philippe said.
These individuals took with them an estimated total of $41 billion in assets.
Now France wants them back.
Bloomberg News reported Thursday that France will no longer apply the tax to an individual’s real estate holding. So a person who has their fortune tied up in a company or other investment need not worry about the tax burden.
“When someone leaves the country because of the wealth tax ... collectively all French lose,” Philippe said, according to Bloomberg.
President Emmanuel Macron is seeking to balance tax cuts with spending cuts to reduce the country’s deficit.
France's budget, presented Wednesday in a Cabinet meeting, is based on an estimated growth of 1.7 percent next year — the same as this year.
Budget cuts will apply to government expenses on housing benefits and transports, as well as France's public healthcare system -- which is considered among the world's best but has struggled with mounting debt.
The Associated Press contributed to this report.