Is France Rich Or Poor?

Is France rich or poor? Are the French poor?

If these are questions you have been asking then you can stop searching for the answers.

Let's get straight to the answers, shall we?

 

Is France Rich Or Poor?

Poverty rates in France were around 14% according to the COMPAS study a decade ago, this accounted for approximately 8.7 million people with border towns tending to nearly 49% and the wealthier cities having about 7%.

The most affected metropolitan areas were Hauts-de-Seine and Haunte-savoie in Paris. Single parents, young family households and large families had the highest poverty rates and with 8.8% of children (nearly three million children) being raised in families that made less than 50% of the national media income, the escalation in poverty rates were rather alarming.

France is a rich nation. It was ranked one of the top wealthiest countries in 2016 with a GDP (Gross Domestic Product) per capita of $41,396.

While publishing a new report about “The Rich In France” on 1st June 2022, Observatoire des Inêgalitês (an independent organization specialized in studying inequalities) unveiled that France has about 4.5 million rich people which is 7.1% of the country's total population which is a decline in comparison to the 2010 percentage which was 8.6%.

According to the report, adults earning 3,673 euros on a monthly basis (with benefits included and tax deducted), qualified to be called ‘rich'.

The money however drops to 3,328 euros if one is to consider a 10% cutoff of ‘the highly earning' population, It is also important to take heed that just like any other country, France has beggars, refugees and sad looking industrial districts; does this imply it is a poor nation?

In 2018, the poverty rate in France reached 14,8 percent. In recent years, poverty in France has been increasing, affecting both unemployed and working people. In fact, according to Insee, 10.3 percent of economically active persons had a living standard inferior to the poverty rate in 2016.

 

France Poverty Rate 1978-2022

france-poverty-rate-2022-06-17-macrotrends
Source

 

 

The French Economy

France

The diversified economy of France is greatly influenced by the tourism, manufacturing and pharmaceutical sectors.

According to the World Bank collection of development indicators compile, manufacturing contributed 9.3915% of France's GDP and within the first quarter of 2022, the GDP from manufacturing increased from £54,224 million to £55,009 million.

Given the multiple tourism attractions like Louvre, Disneyland, Notre Dame, Eiffel tour, to mention but a few; France is an all-time high and attracted about 89.4 million visitors and contributed about £198.3 billion to the French economy by 2018.

As of 2021, Sanofi Pasteur (a pharmaceutical company of the Sanophy group, entirely devoted to making vaccines) had a turn over of £2.3 billion hence the leading pharmaceutical company globally and in the second place was Laboratoires Servier with a turnover of £2.2 billion.

The French economy too has suffered from the effects of global recession from 2007; the effects in France being cushioned on a tradition of state intervention in the economy and a more cautious investment and banking sector and even so, never ran out of control like; Spain, Italy, Greece and so on.

french city

Considering 2022 as a fiscal year with reference to the World Bank Atlas method, a country is considered to have a low income economy if it had a GNI per capita (Gross National Income per capita) of $1045 or less by 2020, a lower-middle income if it had a GNI per capita between $1046 and $4095, an upper middle-income economy if it was between $4096 and$12,695 and a high-income economy if its GNI per capita is $12,696 or greater.

As of 2019, France's GNI per capita was reported to have been $41,217, declining to $39,500 in 2020 presumably due to the impact of covid-19.

France is currently however holding a GNI of $43790 and is expected to increase over the years.

The historical data, forecasts, actual values and projections used in the economic analysis were all sourced from World Bank in June 2022 and therefore qualifying France as a Rich country.

The French government has a social security system hence its citizens have the privilege of enjoying benefits like; unemployment benefits, government pension, vacation, sick leaves, health insurance, family allowances and so on.

On the other hand, foreigner are required to pay a certain amount of money in order for them to enjoy the benefits.

bridge in France

Popular views on media usually highlight the fact that France is different from other modern economies in most of its operations and is depicted as close to a rogue economy; with workers always on strike, working less hours, businesses held hostage to powerful onions, and free enterprise being virtually impossible.

Such views are however unreasonable and to one's dismay, are made by outside commentators who have never even set foot in the country and those ‘with an axe to grind'.

France is a world lead in proportion of labor amongst, approximately…….are estimated to work in public sector jobs out of the total population of 67,248,926 people.

Given this factor, the French natives work for relatively shorter hours (……), in comparison to people in other well to do countries.

As a result, the French are regarded as ‘lazy' people; not considering the fact that labor is equally distributed.

 

Conclusion: Is France Rich Or Poor?

Despite the fact that France is ranked as one of the wealthiest countries in the world, there is an unequal distribution of wealth amongst its population, causing schism among people of different economic stands.

The rich tend to dehumanize those in a different economic stand, making them have a high sense of inferiority: worse still, people born into poor families tend to remain poor for an entire life time (hence the slogan “the rich becoming richer and the poor becoming poorer” brought to life), this leaves an individual's family background to determine one's economic fate.

You should therefore know that as a country, France is rich and holds a substantial amount of the world's entire wealth; ranking 6th overall.

The question of whether or not ‘it is poor' is definitely pointless.