Economy of France
OECD | |
Country group | |
---|---|
Statistics | |
Population | 68,043,000 (February 2023)[3] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
6.3% (February 2023)[7] | |
Population below poverty line |
|
28.5 low (2018, Eurostat)[9] | |
Labour force | |
Labour force by occupation |
|
Unemployment | |
Average gross salary | €3,462 /monthly (2022) |
External | |
Exports | $746.9 billion (5th; 2020 est.)[18] |
Export goods | machinery and equipment, aircraft, plastics, chemicals, pharmaceutical products, iron and steel, beverages |
Main export partners |
|
Imports | $803.6 billion (4th; 2020 est.)[19] |
Import goods | machinery and equipment, vehicles, crude oil, aircraft, plastics, chemicals |
Main import partners |
|
FDI stock | |
10.604 billion (2021)[4] | |
Gross external debt | $5.250 trillion (31 March 2017)[20] |
Public finances | |
Revenues | 52.5% of GDP (2021)[21] |
Expenses | 59% of GDP (2021)[21] |
Economic aid |
|
209 billion euro (February 2023)[28] | |
All values, unless otherwise stated, are in US dollars. |
The economy of
According to the International Monetary Fund (IMF), in 2023, France was the world's 23rd country by GDP per capita with $44,408 per inhabitant. In 2021, France was listed on the United Nations's Human Development Index with a value of 0.903 (indicating very high human development) and 22nd on the Corruption Perceptions Index in 2021.[41][42] Among OECD members, France has a highly efficient and strong social security system, which comprises roughly 31.7% of GDP.[43][44][45]
France's economy entered the
According to INSEE (2021), non-financial and non-agricultural medium-sized firms employed 3 million full-time equivalent employees (24.3% of the workforce), accounted for 27% of investment, 30% of turnover, and 26% of value added, despite accounting for only 1.6% of total firms in France.[55][56]
Corporations
With 31 companies that are part of the world's biggest 500 companies, France was in 2020 the most represented European country in the 2020 Fortune Global 500, ahead of Germany (27 companies) and the UK (22).[57]
As of August 2020, France was also the country that weighed the most on the Eurozone's EURO STOXX 50 (representing 36.4% of all total assets), ahead of Germany (35.2%).[58]
Several French corporations rank amongst the largest in their industries such as
In 2022, the sector with the highest number of companies registered in France is Finance, Insurance, and Real Estate with 2,656,178 companies followed by Services and Retail Trade with 2,090,320 and 549,395 companies respectively.[60]
Rise and decline of dirigisme
France embarked on an ambitious and very successful program of modernization under state coordination. This program of dirigisme, mostly implemented by governments between 1944 and 1983, involved the state control of certain industries such as transportation, energy and telecommunications as well as various incentives for private corporations to merge or engage in certain projects.
The 1981 election of president François Mitterrand saw a short-lived increase in governmental control of the economy, nationalizing many industries and private banks. This form of increased dirigisme, was criticized as early as 1982. By 1983, the government decided to renounce dirigisme and start an era of rigueur ("rigor") or corporation. As a result, the government largely retreated from economic intervention; dirigisme has now essentially receded, though some of its traits remain. The French economy grew and changed under government direction and planning much more than in other European countries.
Despite being a widely liberalized economy, the government continues to play a significant role in the economy: government spending, at 56% of GDP in 2014, is the second-highest in the European Union. Labor conditions and wages are highly regulated. The government continues to own shares in corporations in several sectors, including energy production and distribution, automobiles, aerospace industry, shipbuilding, the arms industry, electronics industry, machine industry, metallurgy, fuels, chemical industry, transportation, and telecommunications.[61][62]
Government finance
In April and May 2012, France held a presidential election in which the winner François Hollande had opposed austerity measures, promising to eliminate France's budget deficit by 2017. The new government stated that it aimed to cancel recently enacted tax cuts and exemptions for the wealthy, raising the top tax bracket rate to 75% on incomes over a million euros, restoring the retirement age to 60 with a full pension for those who have worked 42 years, restoring 60,000 jobs recently cut from public education, regulating rent increases; and building additional public housing for the poor.
In June 2012, Hollande's Socialist Party won an overall majority in the legislative elections, giving it the capability to amend the French Constitution and allowing immediate enactment of the promised reforms. French government bond interest rates fell 30% to record lows,[63] less than 50 basis points above German government bond rates.[64]
Hollande's successor as President of France, Emmanuel Macron, a centrist politician, took office in May 2017. His aim was to revive the euro zone’s second-largest economy.[65]
In July 2020, during the COVID-19 pandemic, the French government issued 10-years bonds which had negative interest rates, for the first time in its history (which means that investors buying French bonds will pay, rather than receive, interest for owning French sovereign debt).[66]
France possesses in 2020 the fourth-largest gold reserves in the world.[67]
Macron vowed in May 2023 to build factories, boost job creations and make France more independent, shaked by pension protests.[68]
National debt
The Government of France has run a
Under European Union rules, member states are supposed to limit their debt to 60% of output or be reducing the ratio structurally towards this ceiling, and run public deficits of no more than 3.0% of GDP.[70]
In late 2012,
In December 2014 France's credit rating was further downgraded by Fitch and S&P to AA.[74]
Macron, shaken by pension protests, vowed in May 2023 to build factories, boost job creations and make France more independent.[75]
Data
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green.[76]
Year | GDP
(in Bil. US$PPP |
GDP per capita
(in US$PPP) |
GDP
(in Bil. US$nominal) |
GDP per capita
(in US$ nominal) |
GDP growth (real) |
Inflation rate (% per annum) |
Unemployment rate |
Government debt (% of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 578.2 | 10,761.0 | 702.2 | 13,069.5 | 1.8% | 13.1% | 6.3% | 20.8% |
1981 | 639.7 | 11,839.6 | 619.0 | 11,456.0 | 1.1% | 13.3% | 7.4% | 22.0% |
1982 | 695.9 | 12,806.8 | 588.0 | 10,822.0 | 2.5% | 12.0% | 8.1% | 25.4% |
1983 | 732.2 | 13,397.2 | 562.5 | 10,292.8 | 1.3% | 9.5% | 7.4% | 26.7% |
1984 | 770.6 | 14,037.1 | 532.3 | 9,697.4 | 1.6% | 7.7% | 8.5% | 29.1% |
1985 | 808.6 | 14,660.1 | 557.6 | 10,108.6 | 1.7% | 5.8% | 8.7% | 30.7% |
1986 | 843.7 | 15,225.8 | 772.8 | 13,947.3 | 2.3% | 2.5% | 8.9% | 31.3% |
1987 | 886.8 | 15,926.7 | 935.1 | 16,794.0 | 2.6% | 3.3% | 9.2% | 33.7% |
1988 | 960.2 | 17,157.3 | 1,020.9 | 18,241.0 | 4.6% | 2.7% | 8.8% | 33.6% |
1989 | 1,043.1 | 18,536.6 | 1,026.2 | 18,236.8 | 4.5% | 6.6% | 8.7% | 34.4% |
1990 | 1,113.4 | 19,680.1 | 1,272.4 | 22,490.3 | 2.9% | 0.3% | 8.4% | 35.6% |
1991 | 1,163.6 | 20,471.7 | 1,273.6 | 22,406.4 | 1.1% | 3.4% | 8.6% | 36.5% |
1992 | 1,207.9 | 21,150.8 | 1,404.4 | 24,590.7 | 1.5% | 2.5% | 9.4% | 40.2% |
1993 | 1,228.1 | 21,407.8 | 1,324.2 | 23,082.7 | -0.7% | 2.2% | 10.3% | 46.6% |
1994 | 1,284.0 | 22,305.4 | 1,396.7 | 24,262.2 | 2.4% | 1.7% | 10.7% | 49.9% |
1995 | 1,340.6 | 23,212.9 | 1,602.1 | 27,741.3 | 2.3% | 1.8% | 10.5% | 56.1% |
1996 | 1,383.6 | 23,882.3 | 1,606.0 | 27,720.9 | 1.4% | 2.1% | 10.8% | 60.0% |
1997 | 1,440.4 | 24,784.8 | 1,454.6 | 25,028.5 | 2.3% | 1.3% | 10.9% | 61.4% |
1998 | 1,509.1 | 25,884.7 | 1,505.2 | 25,818.4 | 3.6% | 0.7% | 10.7% | 61.4% |
1999 | 1,580.7 | 27,021.4 | 1,494.6 | 25,550.8 | 3.3% | 0.6% | 10.4% | 60.5% |
2000 | 1,683.0 | 28,594.2 | 1,366.2 | 23,212.5 | 4.1% | 1.8% | 9.2% | 58.9% |
2001 | 1,754.2 | 29,598.8 | 1,377.7 | 23,245.3 | 1.9% | 1.8% | 8.5% | 58.3% |
2002 | 1,802.5 | 30,199.5 | 1,500.3 | 25,137.4 | 1.2% | 1.9% | 8.3% | 60.3% |
2003 | 1,853.5 | 30,840.1 | 1,844.1 | 30,682.6 | 0.8% | 2.2% | 8.5% | 64.4% |
2004 | 1,951.9 | 32,260.2 | 2,118.7 | 35,016.2 | 2.6% | 2.3% | 8.9% | 65.9% |
2005 | 2,048.0 | 33,594.5 | 2,198.2 | 36,057.1 | 1.7% | 1.9% | 8.9% | 67.4% |
2006 | 2,167.0 | 35,292.8 | 2,320.7 | 37,795.9 | 2.6% | 1.9% | 8.9% | 64.6% |
2007 | 2,278.5 | 36,871.8 | 2,660.9 | 43,060.0 | 2.4% | 1.6% | 8.0% | 64.5% |
2008 | 2,325.8 | 37,432.1 | 2,930.0 | 47,155.2 | 0.2% | 3.2% | 7.4% | 68.8% |
2009 | 2,275.5 | 36,428.3 | 2,698.0 | 43,191.0 | -2.8% | 0.1% | 9.1% | 83.0% |
2010 | 2,344.8 | 37,358.4 | 2,647.3 | 42,178.6 | 1.8% | 1.7% | 9.3% | 85.3% |
2011 | 2,446.5 | 38,789.6 | 2,864.7 | 45,420.0 | 2.2% | 2.3% | 9.2% | 87.8% |
2012 | 2,474.0 | 39,037.0 | 2,685.4 | 42,372.1 | 0.4% | 2.2% | 9.8% | 90.6% |
2013 | 2,608.5 | 40,951.5 | 2,811.9 | 44,144.6 | 0.7% | 1.0% | 10.3% | 93.4% |
2014 | 2,662.0 | 41,576.1 | 2,856.7 | 44,616.5 | 1.0% | 0.6% | 10.3% | 94.9% |
2015 | 2,719.2 | 42,289.1 | 2,439.4 | 37,937.9 | 1.1% | 0.1% | 10.4% | 95.6% |
2016 | 2,863.8 | 44,421.7 | 2,472.3 | 38,348.5 | 1.0% | 0.3% | 10.1% | 98.0% |
2017 | 2,997.3 | 46,369.7 | 2,594.2 | 40,134.1 | 2.4% | 1.2% | 9.4% | 98.1% |
2018 | 3,124.8 | 48,190.0 | 2,792.2 | 43,060.6 | 1.8% | 2.1% | 9.0% | 97.8% |
2019 | 3,240.6 | 49,782.0 | 2,729.2 | 41,924.8 | 1.9% | 1.3% | 8.4% | 97.4% |
2020 | 3,020.5 | 46,267.4 | 2,636.0 | 40,377.5 | -7.9% | 0.5% | 8.0% | 114.7% |
2021 | 3,358.9 | 51,322.3 | 2,957.4 | 45,187.8 | 6.8% | 2.1% | 7.9% | 112.6% |
2022 | 3,688.3 | 56,199.9 | 2,778.1 | 42,330.5 | 2.5% | 5.8% | 7.5% | 111.8% |
2023 | 3,844.9 | 58,420.6 | 2,806.7 | 42,646.0 | 0.7% | 4.6% | 7.6% | 112.5% |
2024 | 3,986.7 | 60,406.6 | 2,932.4 | 44,431.0 | 1.6% | 2.4% | 7.5% | 113.5% |
2025 | 4,134.5 | 62,469.8 | 3,057.2 | 46,193.3 | 1.8% | 1.8% | 7.5% | 114.9% |
2026 | 4,282.9 | 64,531.7 | 3,179.5 | 47,906.1 | 1.7% | 1.6% | 7.4% | 116.5% |
2027 | 4,428.6 | 66,540.8 | 3,299.7 | 49,579.1 | 1.4% | 1.6% | 7.4% | 118.5% |
Economic sectors
Industry
France was in 2019 the world's 8th largest manufacturer in terms of value added, according to the World Bank.[77]
The leading industrial sectors in France are telecommunications (including communication satellites), aerospace and defence, ship building), pharmaceuticals, construction and civil engineering, chemicals, textiles, and automobile production. The chemical industry is a key sector for France, helping to develop other manufacturing activities and contributing to economic growth.[78]
Research and development spending is also high in France at 2.26% of GDP, the fourth-highest in the OECD.[79]
Industry contributes to French exports: as of 2018, the
In December 2023, industrial production in France experienced its most significant change since May of the same year, with a notable increase of 1.1%.[81]
Energy
France is the world-leading country in nuclear energy, home of global energy giants
In 2006, electricity generated in France amounted to 548.8
- 428.7 TWh (78.1%) were produced by nuclearpower generation
- 60.9 TWh (11.1%) were produced by hydroelectric power generation
- 52.4 TWh (9.5%) were produced by fossil-fuel power generation
- 21.6 TWh (3.9%) by coal power
- 20.9 TWh (3.8%) by natural-gas power
- 9.9 TWh (1.8%) by other fossil fuel generation (fuel oil and gases by-products of industry such as blast furnace gases)
- 6.9 TWh (1.3%) were produced by other types of power generation (essentially waste-to-energy and wind turbines)
- The electricity produced by wind turbines increased from 0.596 TWh in 2004, to 0.963 TWh in 2005, and 2.15 TWh in 2006, but this still accounted only for 0.4% of the total production of electricity (as of 2006).
In November 2004,
Agriculture
France is the world's sixth largest agricultural producer and EU's leading agricultural power, accounting for about one-third of all agricultural land within the EU. In the early 1980s, France was the leading producer of the three principal grains of wheat, barley, and maize. Back in 1983, France produced around 24.8 million tonnes, which was a long way ahead of the United Kingdom and West Germany, the next two largest wheat producers.[85]
Northern France is characterized by large wheat farms. Dairy products, pork, poultry, and apple production are concentrated in the western region. Beef production is located in central France, while the production of fruits, vegetables, and wine ranges from central to southern France. France is a large producer of many agricultural products and is currently expanding its forestry and fishery industries. The implementation of the Common Agricultural Policy (CAP) and the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) have resulted in reforms in the agricultural sector of the economy.
As the world's second-largest agricultural exporter, France ranks just after the United States.
Exports from the United States face stiff competition from domestic production, other EU member states, and third-world countries in France. US agricultural exports to France, totaling some $600 million annually, consist primarily of soybeans and soybean products, feeds and fodders, seafood, and consumer products, especially snack foods and nuts. French exports to the United States are much more high-value products such as
The French agricultural sector receives almost €11 billion in EU subsidies. France produced in 2018 39.5 million tons of
Tourism
France is the world's most popular tourist destination with more than 83.7 million foreign tourists in 2014,[88] ahead of Spain (58.5 million in 2006) and the United States (51.1 million in 2006). This figure excludes people staying less than 24 hours in France, such as northern Europeans crossing France on their way to Spain or Italy during the summer.
According to figures from 2003, some popular tourist sites include (in visitors per year):
Arms industry
French government is French arms industry's main customer, mainly buying warships, guns, nuclear weapons and equipment.
During the 2000–2015 period, France was the fourth largest weapons exporter in the world.[91][92]
French manufacturers export great quantities of weaponry to Saudi Arabia, the United Arab Emirates, Brazil, Greece, India, Pakistan, Taiwan, Singapore and many others. It was reported that in 2015, French arms sales internationally amounted to 17.4 billion U.S. dollars,[93] more than double the figure of 2014.[94]
Fashion and luxury goods
According to 2017 data compiled by
Paris is considered one of the world's foremost fashion capitals, or even "the world's fashion capital".[96] The French tradition for haute couture has been estimated to start as early as the era of Louis XIV, the Sun King.[97]
Education
Education in France is organized in a highly centralized manner, with many subdivisions.[98] It is divided into the three stages of primary education (enseignement primaire), secondary education (enseignement secondaire), and higher education (enseignement supérieur). In French higher education, the following degrees are recognized by the Bologna Process (EU recognition): Licence and Licence Professionnelle (bachelor's degrees), and the comparably named Master and Doctorat degrees.[99]
The
The OECD also found that students in France reported greater concern about discipline and behaviour at school and in classrooms, much more than the rest of Europe.[103] This was higher than all OECD countries.[104][103] School principals reported higher staff and material shortage in France, higher than OECD averages.[103] About 7% of French teachers believe the teaching profession is highly valued in France and in society.[105][103] School principals noted regular acts of violence/ bullying among their students, higher than averages.[105] The time spent of teaching time spent on keeping classes in good order is one of the largest in France, among all OECD countries studied.[105][103] France also has a high drop out rate.[105][106]
Pupils can take apprenticeships to enter the labour market with the Baccalauréat Technologique. It allows pupils pursue short and technical studies (laboratory, design and applied arts, hotel and restaurant, management etc).
Higher education in France was reshaped by the student revolts of
Transport
Transportation in France relies on one of the densest networks in the world with 146 km of road and 6.2 km of rail lines per 100 km2. It is built as a web with Paris at its center.[110] The highly subsidised rail transport network makes up a relatively small portion of travel, most of which is done by car. However, the high-speed TGV trains make up a large proportion of long-distance travel, partially because intercity buses were prevented from operating until 2015.
With 3,220 kilometers of
France also boasts a number of seaports and harbours, including
Foreign investment
According to a study conducted by
France scored 5th in the 2019
Labour market
According to a 2011 report by the American Bureau of Labor Statistics (BLS), France's GDP per capita at purchasing power parity is similar to that of the UK, with just over US$35,000 per head.[115] To explain why French per capita GDP is lower than that of the United States, the economist Paul Krugman stated that "French workers are roughly as productive as US workers", but that the French have a lower workforce participation rate and "when they work, they work fewer hours". According to Krugman, the difference is due to the French making "different choices about retirement and leisure".[116]
France has long suffered a relatively high unemployment rate,[117] even during the years when its macroeconomic performances compared favorably with other advanced economies.[118] French employment rates for the working age population is one of the lowest of the OECD countries: in 2020, only 64.4% of the French working age population were in employment, compared to 77% in Japan, 76.1% in Germany, 75.4% in the UK, but the French employment rate was higher than that of the US, which stood at 62.5%.[119] This gap is due to the low employment rate for 15–24 years old: 38% in 2012, compared to 47% in the OECD.
Since his
During the 2000s and 2010s,
A December 2012 New York Times article reported on a "floating generation" in France that formed part of the 14 million unemployed young Europeans documented by the Eurofound research agency.[126] This floating generation was attributed to a dysfunctional system: "an elitist educational tradition that does not integrate graduates into the work force, a rigid labour market that is hard to enter for newcomers, and a tax system that makes it expensive for companies to hire full-time employees and both difficult and expensive to lay them off".[127] In July 2013, the unemployment rate for France was 11%.[128]
In early April 2014, employers' federations and unions negotiated an agreement with technology and consultancy employers, as employees had been experiencing an extension of their work time through smartphone communication outside of official working hours. Under a new, legally binding labour agreement, around 250,000 employees will avoid handling work-related matters during their leisure time and their employers will, in turn, refrain from engaging with staff during this time.[129]
Every day, about 80,000 French citizens are commuting to work in neighbouring Luxembourg, making it the biggest cross-border workforce group in the whole of the European Union.[130] They are attracted by much higher wages for the different job groups than in their own country and the lack of skilled labour in the booming Luxembourgish economy.
External trade
In 2018, France was the 5th largest trading nation in the world, as well as the second-largest trading nation in Europe (after Germany).
In 1998, US–France trade stood at about $47 billion – goods only. According to French trade data, US exports accounted for 8.7% – about $25 billion – of France's total imports. US industrial chemicals, aircraft and engines, electronic components, telecommunications, computer software, computers and peripherals, analytical and scientific instrumentation, medical instruments and supplies, broadcasting equipment, and programming and franchising are particularly attractive to French importers.
The principal French exports to the US are aircraft and engines, beverages, electrical equipment, chemicals, cosmetics, luxury products and perfume. France is the ninth-largest trading partner of the US.
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In August 2023, the French current account deficit shrank by €29.7 billion in the past six months, from −€39.3 billion to −€9.6 billion, primarily due to a fall in energy prices.[133]
Regional economy
The economic disparity between French regions is not as high as that in other European countries such as the UK, Italy or Germany, and higher than in countries like Sweden or Denmark, or even Spain. However, Europe's wealthiest and second largest regional economy, Ile-de-France (the region surrounding Paris), has long profited from the capital city's economic hegemony.
The most important régions are Île-de-France (Europe's 4th regional economy), Rhône-Alpes (Europe's 5th largest regional economy thanks to its services, high-technologies, chemical industries, wines, tourism), Provence-Alpes-Côte d'Azur (services, industry, tourism and wines), Nord-Pas-de-Calais (European transport hub, services, industries) and Pays de la Loire (green technologies, tourism). Regions like Alsace, which has a rich past in industry (machine tool) and currently stands as a high income service-specialized region, are very wealthy without ranking very high in absolute terms.
The rural areas are mainly in
Rank | Region | GDP (millions of euros, 2015)[135] |
GDP per capita (euros, 2015)[135][136] |
---|---|---|---|
1 | Île de France | 671,048 | 55,433 |
2 | Auvergne-Rhône-Alpes | 250,197 | 31,666 |
3 | Nouvelle-Aquitaine | 163,140 | 27,527 |
4 | Occitanie | 159,326 | 27,497 |
5 | Hauts-de-France | 157,316 | 26,170 |
6 | Provence-Alpes-Côte d'Azur | 154,081 | 30,709 |
7 | Grand Est | 151,880 | 27,317 |
8 | Pays de la Loire | 109,965 | 29,482 |
9 | Normandy | 91,810 | 27,495 |
10 | Brittany | 91,406 | 27,684 |
11 | Bourgogne-Franche-Comté | 74,074 | 26,258 |
12 | Centre-Val de Loire | 70,230 | 27,226 |
Réunion | 18,373 | 21,559 | |
Guadeloupe | 9,724 | 22,509 | |
Martinique | 9,289 | 24,516 | |
13 | Corsica | 8,761 | 26,629 |
French Guiana | 4,441 | 16,777 | |
Mayotte | 2,309 | 9,755 |
Departments economy and cities
Departmental income inequalities
In terms of income, important inequalities can be observed among the French
According to the 2008 statistics of the INSEE, the
The poorest parts of France are the
Urban income inequalities
Huge inequalities can also be found among cities. In the Paris metropolitan area, significant differences exist between the higher standard of living of Paris Ouest and lower standard of living in areas in the northern banlieues of Paris such as Seine-Saint-Denis.
For cities of over 50,000 inhabitants, Neuilly-sur-Seine, a western suburb of Paris, is the wealthiest city in France with an average household income of €5,939, and 35% earning more than €8,000 per month.[138] But within Paris, four arrondissements surpass wealthy Neuilly-sur-Seine in household income: the 6th, the 7th, the 8th and the 16th; the 8th "arrondissement" being the wealthiest district in France (the other three following it closely as 2nd, 3rd and 4th wealthiest ones).
Poverty
OECD data from 2021 estimate that 8.4% of the French population lived in poverty, compared with 18% in the United States, 11.6% in Canada, and 9.8% in Germany.[139] In 2016, the poverty rate in France stood at 14%, compared to 12.8% in 2004.[140] The northern districts of Marseille represent one of the poorest and unequal areas in France, where poor neighbourhoods rub shoulders with wealthier pockets. The share of people living below the poverty line (949 euro per month) was 28.8% in 2008 in sensitive urban zones (ZUS) compared to 12% in the rest of the territory.[141]
In comparison with the average French workers, foreign workers tended to be employed in the hardest and lowest-paid jobs. They also live in poor conditions. A 1972 study found that foreign workers earned 17% less than their French counterparts, although this national average concealed the extent of inequality. Foreign workers were more likely to be men in their prime working years in the industrial areas, which generally had higher rates of pay than elsewhere.[142]
Wealth
Overview
In 2010, the French had an estimated wealth of US$14.0 trillion for a population of 63 million.[143]
- In terms of aggregate wealth, the French are the wealthiest Europeans, accounting for more than a quarter of wealthiest European households.[144] Globally, the French nation ranks fourth-wealthiest.[145][146]
- In 2010, wealth per French adult was a little higher than $290,000, down from a pre-crisis high of $300,000 in 2007. According to this ratio, the French are the wealthiest in Europe. The wealth tax is paid by 1.1 million people in France. Liability to this tax starts from €1.3 million of assets. (There is a discount on the principal residence value.)
- Almost every French household has at least $1,000 in assets.[147] Proportionally, there are twice as many French with assets of over $10,000 and four times as many French with assets of over $100,000 than the world average.[148]
Millionaires
France has the third-highest number of millionaires in Europe as of 2017. There were 1.617 million millionaire households (measured in US dollars) living in France in 2017, behind the UK (2.225 million) and Germany (1.637 million).[149]
The wealthiest man in France is the LVMH CEO and owner Bernard Arnault, who as of April 2024, also holds the position of worlds richest man.
By 2022, the combined wealth of France's 500 richest people will be worth 1,170 billion euros, or 45% of GDP. In 2009, this figure was just 194 billion, representing 10% of GDP at the time.[151]
See also
- Economic impacts of climate change in France
- Economy of Saint Martin, Saint Pierre and Miquelon or Wallis and Futuna
- Economy of Paris
- Economy of Europe
- Economy of the European Union
References
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- ^ a b c d e f g "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. Retrieved 16 April 2024.
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External links
- National Institute of Statistics and Economic Studies – Insee
- Banque de France
- World Bank: France Trade Statistics
- France – OECD
- France profile at the CIA World Factbook
- France profile at The World Bank
- France Business Facts