France's Richest Man Arnault Ends Belgian Bid

France's richest man Bernard Arnault has withdrawn his application for Belgian citizenship.

The decision by the head of luxury group LVMH was revealed months after news of his application caused a huge outcry within France, being widely condemned by both left and right.

Mr Arnault's application followed the French government's decision to impose a 75% tax on incomes above 1m euros (£849,000) but  he had always denied doing it for tax reasons.

"I explained several times that I would remain a resident in France and that I would continue to pay my taxes there. In vain - the message did not get through," he told Le Monde newspaper.

"Today, I have decided to clear any ambiguity. I am withdrawing my demand for Belgian citizenship."

Mr Arnault and his wife at the wedding of Monaco's Prince Albert

The move comes as debate about tax havens rages in France, which is reeling from a major tax fraud scandal after former budget minister Jerome Cahuzac admitted having an undeclared bank account abroad.

Mr Arnault, the world's 10th-richest person - with a fortune estimated at almost £19bn, according to Forbes - is just one of several personalities to have recently caused controversy over plans to take up other nationalities.

Actor Gerard Depardieu is another, having announced late last year that he was giving up his French passport and moving abroad because of the rising tax rate.

Since then, the tax plan has been struck down as unconstitutional but the government has insisted it will present a new proposal that will see the rate charged to employers instead of individuals.

In his recent interview, Mr Arnault said France should be more understanding of entrepreneurs and business people: "In France, no matter if the government is left- or right-wing, they (entrepreneurs) are not thought highly of. We are like footballers, not CEOs," he said.

"Mr Tata (founder of Tata Group) is a star in India, like Warren Buffett in the United States. In Germany, the UK or in the US, they condemn poverty to better fight it, while in France we condemn wealth."

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