France’s wealth tax has driven 10,000 people with about 35 billion euros ($41 billion) in capital abroad in the past 15 years, Prime Minister Edouard Philippe said.

The tax — currently applies to personal assets of more than 1.3 million euros — is being changed in the budget presented by Philippe’s government this week. As promised by President Emmanuel Macron in the election campaign, the tax will now only apply to real estate, meaning other forms of wealth such as shareholdings in companies will be exempted starting next year.

“When someone leaves the country because of the wealth tax… collectively all French lose,” Philippe said. And changing that “is something I’ll defend,” he said.

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