France Slips Down EU Wealth Rankings Amid Budget Strains
France has fallen below the European Union average in per-capita wealth for the third consecutive year, raising fresh concerns about the country’s economic trajectory. According to data from Eurostat, France’s per-capita wealth now stands below the EU benchmark of 100, trailing Germany (111) and slipping behind the UK (99–98).
Economist and former senior civil servant Nicolas Baverez warned that France is caught in an «infernal spiral,» describing it as the «Argentina of Europe» in a commentary for Le Figaro. He cautioned that prolonged fiscal imbalance and weak growth could lead to long-term impoverishment.
The warning comes as President Emmanuel Macron’s government approved a delayed 2026 budget this week, paving the way for higher military spending alongside tax increases and only modest cuts in public expenditure. The move follows pressure from EU institutions and credit rating agencies to rein in France’s debt, which has climbed to €3.4 trillion, the largest in the bloc in absolute terms.
Despite remaining the EU’s second-largest economy, France is struggling to reduce a budget deficit hovering around 5% of GDP, while businesses brace for new levies on large corporate profits from 2026.
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