France’s Wealth Tax Proposal – Lessons for a World of Mobile Wealth

France’s proposed “Zucman tax” — a 2% annual levy on fortunes over €100 million — has sparked debate. Advocates see it as a tool for fairness, while business leaders caution it could have unintended consequences by accelerating the outflow of wealth and investment.

We’ve seen this pattern before. The UK’s non-dom reforms reshaped the landscape, leading many families to relocate their tax base. Rather than strengthening revenues, it often encouraged the movement of both capital and talent elsewhere.

But today’s context is even broader. The Great Wealth Transfer, estimated in the trillions, is already underway — with wealth, businesses, and next-generation heirs becoming increasingly mobile across borders. In parallel, the mobility of brainpower and entrepreneurial energy is transforming economies. In such a world, family and corporate structures cannot remain static — they too must be designed to be global and adaptive.

This is where foresight matters. Every wealth generator — whether an entrepreneur, investor, or family business leader — must recognize the importance of protecting, preserving, and prospering wealth before policy shifts or geopolitical changes make it harder, or even too late, to act.

At Water & Shark, we specialise in building resilient, cross-border structures that align with global mobility, tax efficiency, and succession planning. Our expertise lies in helping families and corporations create frameworks that are not tied to a single jurisdiction but can evolve with changing times — ensuring stability, continuity, and growth across generations.

The lesson is clear: wealth planning should not begin at the moment of impact. It must be proactive, international, and strategic — because in today’s world, wealth and talent will always flow to where they are most respected and secure.