One of France’s richest men Francois Pinault faced a backlash yesterday for accusing President Emmanuel Macron of “not understanding little people”.
“I am afraid that he is leading France towards a system that forgets the most modest,” the French billionaire and luxury goods mogul told M du Monde magazine on Friday.
Macron, who has been dubbed a “president of the rich” by his detractors, was criticised this week for unveiling plans for a swimming pool at his private presidential retreat.
Pinault was said to be close to former president Jacques Chirac, prosecuted in 2011 for embezzlement during his time as mayor of Paris, and voted for the Socialist Francois Hollande in the 2012 presidential election.
Defending Macron, government spokesman Benjamin Grivaux told Radio 1: “From someone who for a long time did not pay taxes, I’m not sure he himself understands the little people.”
MP Richard Ferrand from Macron’s La Republique en Marche party, added that Pinault’s comments were “surreal”, quipping on Twitter that “only billionaires can understand others”.
In 2002, Pinault settled a dispute with the tax authorities, paying out €450mn, after sharing his business group with his children.
The year before he handed the reins of his empire – which includes the Gucci, Yves Saint Laurent, Puma and Balenciaga brands – to his son Francois-Henri, who is married to Hollywood star Salma Hayek.
Since then the businessman, who also owns the auction house Christie’s, has mostly dedicated himself to his art collection.
Pinault is not alone in worrying about poorer citizens, many of whom live on suburban housing estates that ring French cities.
Matthieu Pigasse, who heads the Lazard investment bank in France, said: “(Macron) lacks an essential social dimension and a policy to fight against inequalities in all forms.”
“Where are the plans for the suburbs, the fight against poverty and extra efforts for higher education?” the dealmaker who part owns Le Monde and other media, told Les Echos business newspaper.
While France has inequality problems, they are not as severe as in other rich countries, Organisation for Economic Co-operation and Development (OECD) data show.
This is largely due to the large social transfers, which Macron criticised this month for costing “too much dough” and which help explain why French taxes are among the highest in the world.
Macron’s comment went down poorly with the French left, and others, adding to perceptions that he is out of touch with ordinary folk.
Voters are unconvinced that his meritocratic push is reducing inequalities.
More than half believe they have worsened under his leadership, according to an OpinionWay poll last month.
However, Pigasse said: “I wish him success, because he’s the last bastion against populism in France.”


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