Imagine Aliko Dangote Applying to Become a South African Citizen

That title above is perhaps the closest we can come in trying to clearly present this bit of news from a foreign land (France) to people in this part of the world.

The richest man in France, Bernard Arnault, said on September 8th that he had applied for Belgian nationality in order to become a dual French-Belgian citizen.

Arnault, founder and chief executive of LVMH (acronym for Louis Vuitton, Moët Hennessy) a French multinational apparels and accessories company headquartered in Paris, must have made this decision following news that the new Socialist government is preparing to implement a promise from President François Hollande’s election campaign to tax incomes of over €1m ($1.3m) at a marginal rate of 75%.

However, in order to protect his group’s reputation, Mr Arnault has said he will continue to pay tax in France for the moment. He also claims his application is linked to personal investments in Belgium.




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