French entrepreneurs and wealthy families nervous about political turmoil at home are investing record amounts in Luxembourg-based annuities and shifting other funds to perceived havens such as Switzerland.

Wealth managers, bankers and lawyers said the flow of personal investments out of France had taken off since President Emmanuel Macron called snap parliamentary elections last June, splintering the National Assembly and leading to a succession of fragile governments as parties bicker over budget measures. 

The moves have continued in 2025. Prime ministers have come and gone and the government now in place, under Macron ally Sébastien Lecornu, has turned to additional taxes on the highest earners in its struggle to plug a gaping budget deficit.