In a chronicle published on January 31, 2026, economist Nicolas Baverez portrays France as Europe's Argentina, undermined by demagoguery that impoverishes the middle class and drives the exodus of talents and capital. Wealth per inhabitant fell to 38,110 euros in 2024, ranking the country 34th worldwide and 7% below the EU average for the third consecutive year.
Nicolas Baverez's chronicle, published in Le Figaro on January 31, 2026, highlights France's accelerating economic lag. The author describes the country as « Europe's Argentina », where demagoguery pushes large segments of the middle class into poverty while encouraging the flight of brains, companies, and capital.
In 2024, wealth per inhabitant stands at 38,110 euros, placing France 34th worldwide. This figure is 7% below the European average, marking the third consecutive year of decline. Compared to neighbors, the gaps are stark: 25% behind Denmark, 20% below Sweden, 15% trailing Germany, and just 0.5% ahead of Italy. Since 2000, the lead over Poland has shrunk from 60% to 20%.
This sharp drop in GDP per inhabitant translates to rising poverty affecting nearly 10 million French people, with over 650,000 more falling into precariousness annually. Baverez notes that this is compounded by surging debt: household debt reaches 60% of GDP, while the loss of control over public finances burdens taxpayers heavily.
Baverez's analysis warns of runaway impoverishment, highlighting risks to social cohesion and the country's competitiveness in a European context.
