What does it mean to be rich in France today?

As economic inequalities continue to polarize our society, the definition of wealth still sparks debates and controversies. For some, it evokes material comfort and financial security, while for others, it symbolizes opulence and power. According to the latest report from the Observatoire des inégalités, a person is considered wealthy if they earn at least 3,860 euros per month after taxes. For couples, the threshold is set at 5,790 euros, and for families with two teenagers, it is 9,650 euros. But that's not all. In terms of assets, if you own more than three times the median wealth (more than 531,000 euros), congratulations, you are also part of the club. But who are the concerned?

The figures show that 4.7 million French people, or 7.4% of the population, are classified as wealthy according to the criteria listed above. These figures are based on double the median standard of living, which is 1,930 euros per month for a single person according to Insee in 2021. The Observatoire des inégalités uses this method to offer a coherent and statistically justifiable definition of wealth, although this approach is subject to debate. Wealth in terms of assets, on the other hand, is defined by a threshold of 531,000 euros. This represents three times the median wealth of households in France, excluding debt. At this level, 16.9% of French households are considered wealthy in terms of assets. At the extremes, the top 1% of the wealthiest households each possess at least 2.2 million euros. This extreme concentration of wealth is exemplified by figures such as Bernard Arnault, whose wealth of 203 billion euros is equivalent to the value of all the homes in Marseille and Nantes. Obviously, this definition of wealth makes some people cringe. For some, it is too simplistic, not taking into account nuances such as the cost of living varying from one region to another. Indeed, living on a monthly income of 3,860 euros in Paris is hardly comparable to what one might experience in Limoges, for example. Insee remains cautiously distant from this definition, pointing out that the issue is highly political and ambivalent. One can be wealthy due to high income or substantial assets, or both, but these elements are not always correlated. So, what to do? Economists and sociologists suggest turning to indicators such as the share of income captured by the top 10% of earners. Or better yet, talk about "high incomes" and "high assets" to avoid the ambiguities and emotions that the term "wealthy" evokes.

In the French economic landscape, the profiles of the wealthy are quite varied. At the top of this financial hierarchy are the senior executives, who hold a prominent place among the affluent of society. With nearly one quarter of executives considered wealthy, it seems that the path to prosperity is paved with prestigious titles and significant professional responsibilities. But looking closer, age plays a determining role in the ascent to wealth. With an increasing proportion of the wealthy reaching their peak between 60 and 64 years, it seems that patience and perseverance are key virtues in the quest for financial ease. However, behind these figures lie persistent gender disparities, with men occupying nearly 80% of positions offering high incomes within this socio-economic category. Despite advances towards equality, men remain largely predominant among the wealthy, hinting at the ongoing challenges for women in their professional journey.

Paris and its affluent suburbs, such as Neuilly-sur-Seine in Hauts-de-Seine, remain bastions of economic prosperity in France. Data from the Observatoire des inégalités highlights that these regions host a significant share of the wealthiest households in the country. For example, in prestigious districts of the capital like the 7th arrondissement, the entry threshold for the top 10% of the wealthiest can climb to 12,400 euros per month, while in upscale enclaves such as the "Gros Caillou" neighborhood at the foot of the Eiffel Tower, this amount can reach nearly 22,000 euros per month. However, wealth is not limited to the Paris region alone. Some provincial cities, particularly those near the Swiss border, experience comparable prosperity. Examples such as Veyrier-du-Lac in Haute-Savoie, near Annecy, are proof of this. In these localities, the entry threshold for the top 10% of the wealthiest can rival that of some Parisian neighborhoods, often exceeding 5,000 euros per month. Despite the existence of these pockets of wealth in the provinces, disparities between Paris and other regions remain noticeable. The capital continues to attract a significant share of national wealth, with entry thresholds into the highest income brackets often higher than those observed in the provinces. Additionally, the concentration of large professional fortunes is generally more pronounced in the Paris region, while some provincial regions may present a more balanced distribution of wealth among different socio-economic groups.