Macron ‘flabbergasted by defeat’ says Anne-Elisabeth Moutet
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Emmanuel Macron will join his fellow world leaders today for the three-day G7 summit in the Alpine castle of Schloss Elmau in southern Germany. Representatives from Canada, France, Italy, Japan, the UK and the US will be present, and the German presidency has also invited leaders from Argentina, India, Indonesia, Senegal and South Africa for some sessions. Russia’s war against Ukraine will be on the agenda with world leaders tipped to discuss how to stabilise global energy markets. Mr Macron is also attending summits for the EU and the NATO military alliance.
The Centrist French President, who was re-elected in April, suffered a huge political setback last Sunday after voters delivered a hung parliament, with the far-left and right parties eating up the majority he had enjoyed in his first term.
Before entering French politics, Mr Macron was an investment banker, adding millions of euros to his net worth, which today stands at around €550,000 (£474,000).
In 2008, he joined Rothschild & Cie Banque in Paris, the French arm of the international Rothschild financial group.
Mr Macron advanced through the company quickly, and was an adviser to Philippe Tillous-Borde, the CEO of the Avril Group.
While at Rothschild, the French leader was put in charge of Nestlé’s €9billion (£7.8billion) acquisition of Pfizer’s baby food division.
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The deal made Mr Macron a millionaire for the first time, netting him a cool €2.9million (£2.5million) for brokering the takeover.
The French leader’s banking abilities earned him the nickname “the Mozart of finance”, according to the Financial Times.
By the time Mr Macron left the bank in 2012, he had earned around €5 million (£4.3million) in total, according to his official accounts.
However, the French leader’s fortune has ebbed away in the years since he entered the Elysée Palace.
A civil service career led him onto a job as the deputy secretary general to the president in 2012.
A couple of years later he landed a Cabinet post as the economy minister, a role he held until 2016.
But by the time he was elected President in 2017, he admitted he did not own his own car and his wife Brigitte owned their home.
His mandatory filings for that year revealed declarations of £110,000 in the bank, a book advance from his publisher worth around £250,000 and stocks worth approximately £53,000.
The discrepancies between his wealth as a presidential candidate and his career as a banker raised tough questions for the French leader during the campaign.
However, he claimed he had been hit by France’s high income tax and there came a point where he was unable to pay it.
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In his mandatory declaration during this year’s presidential race, his net worth appeared equally as modest as five years ago.
His assets totalled €550,000 (£474,000), comprising mainly bank accounts and financial products.
He earned €900,000 (£730,000) in net taxable income from the beginning of his first term as President to December 31, 2021.
His declaration revealed a life insurance policy with a surrender value of €113,000 (£98,000).
It also featured debts of around €122,500 (£106,000) on a loan for work, which Mr Macron took out in 2011.
The incumbent’s wealth in 2022 was relatively small compared to some of the other dozen presidential candidates.
The right-wing challenger Valérie Pécresse declared assets of €9.7million (£8.4 million), which included three properties.
The president of Île-de-France also has a sizable art collection and millions of euros worth of life insurance, retirement plans, stock options, saving accounts and current accounts.
Meanwhile, far-right candidate Éric Zemmour reported assets of €4.2million (£3.6 million), which included being the owner or co-owner of five apartments and his ownership of a publishing firm.
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