Hollande has officially filed his declaration of wealth, an obligatory step before becoming president in France, French daily Le Figaro reports.
His total assets are worth €1.17 million, just under the wealth tax threshold in France. The Socialist leader is less wealthy than his predecessor Nicolas Sarkozy who declared having assets valued at €2.7 million.
Hollande’s more modest wealth fits in with his carefully cultivated image as a more sober counterpoint to Sarkozy, whose perceived love of the high life earned him the nickname ‘President Bling-Bling’.
The next president of France does not own a car, nor any shares on the stock market. During his presidential campaign, Hollande insisted his main enemy was the stock market which needed greater reglementation.
But while less wealthy than his predecessors, France’s new head of state does not life a life of ascetic self-denial. He owns a second home – a house in Mougins, north of Cannes, which he bought with his former partner Socialist Segolene Royal. He also owns two flats in Cannes, worth €370,000. His father Georges and his brother Philippe reportedly live in these flats.
In 2007, former president Jacques Chirac declared he owned €1.4 million in assets.