France is sinking down the European Union‘s wealth list and risks acquiring “third world status”, a former civil servant has warned. Once among Europe’s richest nations, France has firmly dropped into its second tier after recording three consecutive years of per capita wealth below the bloc’s average of 100, according to Eurostat data. It has fallen far behind Germany, formerly its economic equal, with a per capita wealth of 111, and even dropped behind the UK, at 99 and 98, respectively.
Italy, which was 10.1% poorer than France in 2020, has also caught up with its economic rival, with GDP per capita at $59,453 (£43,413) in Italy and $59,683 (£43,581) in France as of 2024. Nicolas Baverez, a former senior civil servant, warned that his country had entered an “infernal spiral”, dubbing it the “Argentina of Europe” in an article for Le Figaro, in a nod to the South American nation’s long-term economic instability.
He wrote: “Our country has become the Argentina of Europe. France is shut in an infernal spiral that is leading it to third-world status.”
