Why is it hard to get rich in France?

Even if becoming rich is a dream synonymous with freedom, it is difficult to do so in France. According to the results of a study conducted by The Economist, it would take more than 40 years for a French household to become millionaires, while it would take an American household only twenty years. Why this contradiction when France is one of the great world powers? What are the prospects for the future? the explanation.

questioning the role of the state

Without necessarily claiming to be wealthy, French companies and households have always more or less pointed the finger at the state and its tax decisions, which affect purchasing power, regardless of the political color of power over the years. The rise and creation of new taxes, the increase in VAT rates, the cost of being able to start a business, the reduction of some aid… The tax level has also been underlined by companies. It must be said that for every salary paid net, there is often an equivalent back in tax to the state.

So many levies and withdrawals hurting the economy with the main aim of reducing the level of national debt, or at least maintaining it in the best of years, so as not to reach the threshold of difficulties like in Greece example.

If the French, having a reputation as complainers, always condemned the situation, they find themselves gasping for breath today. On behalf of the wealthiest, they are solicited to the extent of their income to participate in the collective effort. Unimaginable for some or more tolerable for others, we have seen in recent years a flight to capital or even the deportation of some compatriots, the most famous of whom is undoubtedly Gérard Depardieu.

Is it the fault of the state?

The fault is often placed on the back of the crisis and on the way the country is managed, the problem becomes more complex and deeper, of international dimension, with the progressive transfer of the world economy towards the countries of Asia in the foreground or South Korea. This is reflected in the rise of China.

In contrast, the level of wealth of French households will not be set to increase in the coming decades. Americans will also be affected by this event, as the country with the largest debt in the world. Thus the co-founder of Facebook, for example, left the United States for Singapore and thus changed nationality, thus following a new direction of wealth opportunities like many aspiring French entrepreneurs.

What if the mentality of the French had something to do with it too?

Nevertheless, economic events do not explain everything, and the mindset of individuals has a great influence on the basis of their relationship with money. If wealth is the dream of many French people, several studies show that they associate it with various values ​​that are far from being positive and glorious, such as greed, envy or even distrust of knowing that What is meant by more or less dishonesty. To achieve it at the cost of the good of others. The need for security, as well as the fear of the future in times of crisis, does not encourage the French to either embrace the unknown and invest without at least being sure of the recovery of their money. . This is one of the reasons why the French prefer investing by investing in real estate, which they consider a safe haven and low risk, rather than stocks, which they find very risky.

Furthermore, the culture of excellence, through obtaining a diploma, still seems to be a major privilege to try your luck in France. In contrast, the United States has always been considered the El Dorado for entrepreneurs of all stripes. Rich in historical context but open to the world, this country has been able to position itself as a welcoming land for all forms of ambition and success.

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