The race for the Elysee Palace has begun between Emmanuel Macron and Marine Le Pen. After coming out on top in the first round of the presidential election with 27.84% and 21.95% of the vote, respectively, the candidates have two weeks to convince the French. In terms of taxation of the richest, their positions differ. Thus, the tenant of the Élysée, who abolished the wealth tax during his mandate, proposes no particular change. Conversely, the RN candidate wants to introduce a “financial wealth tax.”
But which of the two candidates has the most important legacy? To find out, Capital relied on documents provided by the Higher Authority for the Transparency of Public Life (HATVP). Indeed, a few weeks before the first round of the presidential elections, all candidates had to submit to the Constitutional Council their declarations of property and declarations of interests and activities. They were then made public by HATVP.
Unequal Real Estate Assets
This shows that Marine Le Pen is at the head of a much larger legacy than her rival: 1.2 million euros against 550,000 euros for Emmanuel Macron. The far-right candidate, in particular, owns several properties worth just under 1.3 million euros. In particular, he owns 12.5% of the shares worth 616,800 euros in a house of 633 m² in Hauts-de-Seine or 28.5% of shares worth 111,883 euros in a house of 120 m². Finally, Jean-Marie Le Pen’s daughter owns a quarter of the shares, valued at 565,801 euros, in a 382 m² house in Yvelines.
Conversely, the outgoing president has no real estate… even if he indicates that he has taken out a €350,000 work loan that he has yet to pay back of €122,500. In Liberation, the Élysée explains that it is a loan “to carry out work on a house owned by Madame Macron. This house is not in the public domain, it does not need to be declared.” The residence in question is the famous Villa Monejean at Le Touquet, a 240 m² building inherited from the First Lady’s parents and today valued at 2.7 million euros.
Complete bank accounts
Marine Le Pen has about 94,000 euros in all her bank accounts and life insurance. The amount is much less than that of a re-election candidate who has more than 113,000 euros in his life insurance account and almost 470,000 euros in his checking account, PEL and other savings accounts at Crédit Mutuel.
In terms of cash flows, since 2018 the RN candidate receives 60,000 euros a year as president of his party. Since 2017, she has also received 70,773 euros per year for her MP status. Finally, she also receives 20,764 euros per year from June 27, 2021, when she became a departmental adviser. For his part, Emmanuel Macron, as president of the republic, received about 115,000 euros for his first year at the head of the country (elected in May 2017, so his remuneration was calculated on a pro rata basis) and about 196,000 euros each of the following years.
Questions about the legacy of Emmanuel Macron
In terms of liability, Marine Le Pen took out a €50,000 consumer loan in 2017 that she has yet to repay in the amount of €2,000. She also took out a €175,000 purchase loan in 2012, which she has yet to start repaying. In addition, the RN candidate owed €10.7 million to the Hungarian bank MKB for financing her presidential campaign. Emmanuel Macron has only one recorded debt: a €350,000 work loan for his companion’s house in Le Touque, for which he has more than €122,000 left to pay.
After the release of these statements, some have questioned the legacy of Emmanuel Macron, which is considered quite low compared to his alleged high remuneration when he worked at the Rothschild bank. So, on March 29, an investigation by the Off Investigation website confirmed that the managing partners of the Rothschild bank would receive part of their salaries in tax havens. The bank, however, quickly refuted, stating that “bankers in France are paid in France”. However, ill-fated presidential candidate Nicolas Dupont-Aignan raised the issue again in early April, asking the national financial prosecutor’s office to investigate Emmanuel Macron’s personal assets, as well as the McKinsey case.
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