France’s Richest Man Heads to Belgium

Maybe it was for the waffles. Bernard Arnault, France’s richest man, has transferred his multibillion-euro fortune from France to Belgium. The luxury-goods magnate claims that he has not made the move for tax reasons, but because he wants to ensure that his company remains in his family after he dies. The decision has reignited a debate over President François Hollande’s tax policies, which critics say are driving the wealthy to leave.