France may supply the world with luxury handbags and vintage champagne, but it seems to dislike those wealthy enough to splash out on such fripperies. As the country grapples with how to curb the budget deficit (see chart 1), the latest national psycho-drama concerns a proposed new tax on the ultra-riches. On September 21st even Bernard Arnault, the usually discreet head of LVMH, purveyor of luxury, and France’s richest man, joined in, arguing that the tax would “destroy” the economy.