Net worth

Macron’s financial troubles laid bare as president’s net worth plummets by MILLIONS | World | New

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Emmanuel Macron will join his fellow world leaders for the three-day G7 summit at the Alpine castle of Schloss Elmau in southern Germany today. Representatives from Canada, France, Italy, Japan, the United Kingdom and the United States 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 on Ukraine will be on the agenda, with world leaders invited to discuss how to stabilize global energy markets. Mr Macron also attends summits for the EU and the NATO military alliance.

France’s centrist president, who won re-election in April, suffered a huge political setback last Sunday after voters pronounced a hung parliament as far-left and right-wing parties devoured the majority he 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 subsidiary of the international financial group Rothschild.

Mr. Macron rose quickly in the company and was an adviser to Philippe Tillous-Borde, CEO of the Avril group.

At Rothschild, the French leader was tasked with Nestlé’s €9bn (£7.8bn) acquisition of Pfizer’s baby food division.

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Macron’s fortune – The French president has reaped millions from his banking career (Image: GETTY)

Schloss Elmau: the Alpine castle is the location of the G7 summit

Schloss Elmau: the Alpine castle is the location of the G7 summit (Image: GETTY)

The deal made Mr Macron a millionaire for the first time, earning him €2.9m (£2.5m) for brokering the takeover.

The banking abilities of the French leader have earned him the nickname “Mozart of finance”, according to the Financial Times.

By the time Mr Macron left the bank in 2012, he had earned around €5m (£4.3m) in total, according to his official accounts.

However, the French leader’s fortunes have dwindled in the years since he entered the Elysée Palace.

A career in public service led him to a position as Deputy Secretary General to the President in 2012.

New face: Macron on the economic growth panel, 2007

New face: Macron on the economic growth panel, 2007 (Image: GETTY)

A few years later, he landed a cabinet post as economy minister, a position he held until 2016.

But when he was elected president in 2017, he admitted he didn’t own his own car and his wife Brigitte owned their house.

His mandatory deposits for that year revealed statements of £110,000 to the bank, a book advance from his publisher worth around £250,000 and shares worth around £53,000 .

The discrepancies between his wealth as a presidential candidate and his career as a banker raised difficult questions for the French leader during the campaign.

However, he claimed he was hit by France’s high income tax and there came a time when he couldn’t pay it.

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Macron: With his wife Brigitte Macron

Macron: With his wife Brigitte Macron (Image: GETTY)

In his mandatory declaration during this year’s presidential race, his net worth appeared just as modest as it was five years ago.

His assets amounted to €550,000 (£474,000), consisting mainly of bank accounts and financial products.

He earned €900,000 (£730,000) in net taxable income from the start of his first term as chairman until December 31, 2021.

His statement revealed a life insurance policy with a cash value of €113,000 (£98,000).

It also included debts of around €122,500 (£106,000) on a works loan, which Mr Macron took out in 2011.

Macron: Profile of the French President

Macron: Profile of the French President (Picture: EXPRESS)

The incumbent’s wealth in 2022 was relatively low compared to some of the other twelve presidential candidates.

Right-wing challenger Valérie Pécresse declared assets of €9.7m (£8.4m), which included three properties.

The president of Île-de-France also has a large art collection and millions of euros in life insurance, pension plans, stock options, savings accounts and current accounts.

Meanwhile, far-right candidate Eric Zemmour declared assets of €4.2m (£3.6m), which included owning or co-owning five flats and his property of a publishing house.