Emmanuel Macron, now the President of France, didn’t always work in politics. From 2008 to 2012, he was an investment banker at Rothschild & Cie Banque, a prestigious financial institution. During this time, he made a significant amount of money—around €2.9 million—according to the Financial Times. His rapid success at Rothschild led to him being promoted to partner just two years after joining.
But Macron’s connection to the world of high finance has always been a controversial part of his political career. In fact, many people have referred to him as the “President of the Rich.” This nickname came from his past and his actions while in office. His work with the Rothschild family, one of the most powerful banking dynasties in the world, fueled speculation that his decisions favored wealthy individuals and big businesses.
Macron and Taxation for the Wealthy
Despite being seen as a president who supports the rich, Macron has recently hinted at increasing taxes on France’s wealthiest citizens and big corporations. The New York Times reported that Macron has often strongly opposed raising taxes, but it seems that the French government has no other choice. Prime Minister Michel Barnier has said that France’s widening budget deficit is forcing them to consider tax hikes, even though Macron had long resisted this idea.
During his 2017 presidential campaign, Macron faced criticism for his ties to the financial world. He was labeled the “candidate of finance” and raised €13 million in campaign funds, much of which came from bankers, financiers, and businessmen. French media outlet Mediapart suggested that his donors were part of a powerful network. Even more intriguing, French laws allowed Macron’s campaign to keep the names of his donors secret.
Favoring the Rich?
After becoming president, Macron introduced several reforms that appeared to benefit the rich and big companies. He reduced the corporate tax rate from 33% to 25%, cut taxes for manufacturers, and introduced a flat tax on investment income. He also changed the wealth tax, limiting it to real estate assets worth over €1.3 million, rather than targeting all wealthy individuals.
While Macron’s tax reforms helped businesses and investors, France still faces a massive financial challenge. The French government needs to find €110 billion over the next few years, and a think tank called Terra Nova believes raising taxes on the rich could generate €10 billion annually. However, most of the money will likely come from cutting government spending.
Macron’s Relationship with the Rothschilds
Macron’s ties to the Rothschilds go beyond just working for them. In September 2018, the Financial Times called Macron David de Rothschild’s “protégé” and quoted the banker praising Macron as “decisive,” “intelligent,” and “courageous.” David de Rothschild even said that Macron’s rise to the presidency seemed like the “planets had aligned.” His close relationship with this powerful family has led some to wonder how much influence they still have over him.
The Rothschild banking family has had a complicated history in France. Their bank was nationalized twice in modern history—first by the Vichy regime in 1940, and then by President François Mitterrand’s Socialist government in 1981. The family was eventually allowed to start a new bank in 1984, but they weren’t allowed to use their name until 1986 when the institution was finally renamed Rothschild & Cie Banque.
The Rothschilds in Macron’s France
Under Macron’s presidency, the Rothschild family’s financial empire has continued to grow. In 2023, Rothschild & Co., the family’s major company, went private in a €3.7 billion deal, solidifying their control. The Rothschilds have shifted their focus toward private banking and asset management, becoming even more active and influential in these areas.
In a September 2023 report, Rothschild & Co. commented on the state of the French economy, saying that France needed a boost. They pointed out the difficult balance the Macron government faces between maintaining fiscal discipline and meeting public demands for more spending. It’s clear that even though Macron is now a president, the world of banking and finance is never far from his decisions.
The Bigger Picture
Macron’s rise to power and his decisions as president show a deep connection between politics and finance. While he continues to face criticism for his past in the banking world and his perceived favoritism toward the wealthy, his actions are part of a broader struggle to manage France’s economy. The Rothschilds, with their long history and influence, seem to play a role in this story as well—raising questions about just how much power and influence this banking family still holds in French politics.
