60% of French billionaires inherit a business according to “Cash Investigation” – An investigation into wealth in France broadcast on France 2 on November 16th.

In France, if one aspires to wealth, it is preferable to have a good birth. The program “Cash Investigation” has calculated the share of billionaires who have inherited a family business: the larger the fortune, the more inheritance plays a predominant role. Some economists even go as far as to describe our country as a “society of heirs.” This information comes from the investigation entitled “The Wonderful World of the Ultra-Rich,” which will be broadcast on November 16 on France 2.

According to the magazine “Challenge” in 2022, France has 122 billionaires. However, how many of them are heirs? As part of its investigation entitled “The Wonderful World of the Ultra-Rich,” broadcast on November 16, 2023 on France 2, the program “Cash Investigation” has compiled a list: 60% of French billionaires have inherited a family business, and the higher their fortune, the more weight inheritance carries. In fact, 75% of the 40 wealthiest French billionaires inherited their wealth, and the nine largest fortunes are all of familial origin.

Elise Lucet presented this list to an inheritance specialist economist, Nicolas Frémeaux, associate professor at the University Paris II Panthéon-Assas and author of the book “The New Heirs” (pub. Seuil, La République des idées, 2018). Is he surprised that the wealth of French people now mainly comes from inheritance? “Not really. To be at the top of the wealth hierarchy, it is better to rely on inheritance, on being born in the right place, at the right time, in the right family rather than on one’s efforts. Thus, sole effort and merit are likely to be insufficient to become one of the French billionaires,” he explains.

A lire aussi  Everything you need to know about stingray leather: history, uses, and care.

Two-thirds of the wealth of the French now comes from inheritance, according to this researcher. He believes that France has returned to a society where inheritance plays a considerable role: “If we take the total wealth of all French people, it amounts to 12,000 billion euros. Two-thirds of this wealth comes from inheritance, and one-third from work and savings.”

This is a new data according to Nicolas Frémeaux, “we are observing a rapid increase in the weight of inheritance.” Since the end of the Trente Glorieuses (1945-1975), the share of inheritance in wealth has continued to rise: “In the 1970s, if we did the same calculation, we would realize that one-third of the wealth came from inheritance and two-thirds from savings and work. We are therefore clearly on a marked trend of the return of inheritance in the wealth of the French.” Inheritance therefore plays a decisive role in the constitution of wealth in France.

This return of inheritance, extremely concentrated among the wealthiest, fuels a dynamic of reinforcing patrimonial inequalities based on birth, with work and merit playing an increasingly less important role, according to Nicolas Frémeaux. Does this pose a problem for the French democratic ideal? “It is a problem because it directly increases inequalities by simply widening the wealth gaps between individuals, especially between billionaires and the rest of the population. Moreover, having inequalities that are largely determined not by effort, but by being born in the right place at the right time, poses a danger to merit and democratic values,” he concludes.

Source: Original article from France TV Info, “Cash Investigation: The Wonderful World of the Ultra-Rich,” published on November 13, 2023.

A lire aussi  Voters' prudence for the 2024 legislative elections: focus on purchasing power

Information source: francetvinfo.fr

Leave a Reply

Your email address will not be published. Required fields are marked *