Economist Thomas Piketty proposed replacing France’s property tax with a progressive net-wealth levy aimed at cutting bills for 90% of citizens, alongside a national solidarity tax on fortunes exceeding 100 million euros, during an October 15, 2026 appearance on BFMTV.
Thomas Piketty Targets the Property Tax and Proposes National Solidarity Levies
As property tax notices arrived in mailboxes with approaching payment deadlines, Thomas Piketty launched a sharp critique of local property taxation. He called the current system an extremely unjust tax that successive governments have allowed to rise unchecked. According to figures from the Union nationale des propriétaires immobiliers, property taxes have increased on average by 93.4% since 2006 in France.
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The economist argued that the levy ignores a taxpayer’s actual financial standing because it relies on cadastral rental values without accounting for outstanding bank debts. To illustrate the disparity, he described a scenario where a buyer owing 290,000 euros on a home pays the exact same property tax as a wealthy owner with no debt and a 3-million-euro financial portfolio. To correct this imbalance, Thomas Piketty advocates shifting to a progressive tax on net property wealth after deducting loans, which he calculates would reduce property tax bills for 90% of French households.
You own a 200,000 euro home, you have a 190,000 euro debt, you pay the exact same property tax as someone who has the same home, no debt, and a 1 million euro financial portfolio. Thomas
Proposing a Referendum and a 50% Contribution on Fortunes Exceeding 100 Million Euros
Beyond reforming real estate taxation, Thomas Piketty called for a national referendum to establish a new impôt de solidarité nationale aimed at fortunes exceeding 100 million euros, drawing inspiration from post-World War II economic reconstruction measures. He pointed to a massive surge in the wealth of top earners, noting that assets held by individuals with net worths above 100 million euros jumped from 200 billion to 1,000 billion euros between 2017 and 2026.
According to RTL, Thomas Piketty stated, Between 2017 and 2026, top net worths—above 100 million euros—surged from 200 billion to 1,000 billion.
The proposed solidarity tax features two main components. First, it entails an exceptional 50% contribution on the wealth accumulated by multi-millionaires over the 2017–2026 period. Second, it institutes a permanent annual levy of 10% on fortunes surpassing the 100-million-euro threshold. Because many entrepreneurs hold their wealth tied up in company shares rather than liquid cash, Thomas Piketty suggested permitting taxpayers to settle the obligation by transferring company stock into a public sovereign wealth fund designed to steer investments and secure the national economy. Regarding practical constraints on liquid assets, Arthur Mensch, the head of the French startup Mistral, indicated the previous year that he lacked the financial capacity to pay a 2% tax on high net worths, while Thomas Piketty emphasized that payment must be made in shares rather than cash.
Debating Wealth Concentration, Tax Exiles, and Historical Precedents
Addressing the risk of billionaires relocating abroad to dodge the levy, Thomas Piketty proposed maintaining tax obligations for French citizens even after they move overseas. Under his model, individuals would be taxed proportionally to the number of years they spent as residents in the country, using infrastructure funded by France. For example, a person who lived in France for 60 years and moved to Switzerland at 61 would be taxed at 60/61 of their wealth.
Meanwhile, commentary noted contrasting global metrics. While Thomas Piketty asserted that periods with fewer billionaires fostered greater overall prosperity and productivity, analysis countered that median living standards and per capita GDP climbed significantly over recent decades alongside a growing count of global billionaires. Historical data from the Insee indicates that the median standard of living for people in France doubled in constant euros between 1970 and 2018, moving from 10,390 to 20,500 euros per year. Furthermore, the number of billionaires surged from three on the initial 1987 Forbes list—featuring Schlumberger, Liliane Bettencourt, and Serge Dassault—to fifty-two today.
