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  • French Minister of Economy Emmanuel Macron and investment banker at Rothschild & Cie

    French Minister of Economy Emmanuel Macron and investment banker at Rothschild & Cie | Photo: AFP

Published 10 August 2016

One minister reported an annual income of more than US$9.7 million.

More than a dozen French ministers have declared an income more than 1 million euros (US$1.1 million) in 2016, representing more than a third of the 39 ministers of the ostensibly "socialist" administration of Francois Hollande, La Tribune reported on Wednesday.

Désamour between the French government and the Left

France's official transparency watchdog, HATVP, reviewed the tax declarations of French state officials for 2016, with ministers reporting incomes ranging from 27,000 euros (US$31,000) for Housing Minister Emmanuelle Cosse of the Green Party to 8.7 million euros (US$9.7 million) for Minister of Territory Management Jean-Michel Baylet of the ruling Socialist Party. Overall, 14 ministers reported incomes in excess of 1 million euros.

Investment banker and Minister of Economy Emmanuel Macron, the main author of a bill curtailing workers' rights, declared an income of 3.6 million euros (US$4 million).

The Hatvp was created in 2013 after a massive scandal involving Jerome Cahuzac, a cosmetic surgeon and then-minister of economy who lied about a hidden bank account in Switzerland —and was later revealed in the Panama Papers to be the owner of an offshore company.

The fortunes of politicians have become a hot topic in France, where inequality and poverty have steadily grown in the past 15 years, according to a 2015 report by the Organization for Economic Co-operation and Development.

According to a 2015 study by Credit Suisse, France ranked ninth in the world in terms of its number of millionaires.

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