France's Super Rich Leaving to Avoid Tax Hike

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Some of France's wealthiest residents are leaving the country in fear they'll be required to pay substantially higher tax rates.

France's new socialist president wants a tax rate of 75 percent for those making more than a million euros a year, equivalent to about $1.25 million.

"A large number of wealthy french families are leaving the country as a direct result of the proposals of the new government," Alexander Kraft, leader of Sotheby's, a real estate company in France, told the London Telegraph.

He added that his company has seen an increase in home sales as a result. Sotheby's sold more than 100 properties priced over 1.7 million euros between April and June.

"Since the socialists came to power in France, I have been deluged with inquiries from rich French people who would rather pay their tax in Switzerland," Swiss tax consultant Giles Martin also told a local newspaper.

Inquiries for expensive homes in Britain have increased by 30 percent, according to U.K. estate data.

British Prime Minister David Cameron said he would welcome those from France wanting to move to Britain and pay taxes there.

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