Belgium to lose €70 million as richest resident moves out, economist says

The richest Belgian Alexandre Van Damme's impending move to Switzerland will cost the Belgian treasury €70 million, according to economist Geert Noels. Noels (pictured) used Twitter to express his criticism of the Belgian government's tendency to repel the country's wealthiest people, writes Het Nieuwsblad.

Noels, author of the book Econoshock, is not happy with last week's series of negative economic events, as he sees them. He was especially disappointed in Belgium's role in the breakdown of the CETA trade agreement between the EU and Canada. "If the aim is to become poorer, it's been a good week: tax progress, hinder trade and push out the rich," he wrote on Twitter.

Van Damme's departure to Switzerland is especially bad news for Belgium, according to Noels. "Belgium has become poorer, Switzerland richer," said the economist on social media. According to him, the AB Inbev shareholder's leaving will cost the state nearly €70 million.

Noels points out the greatest weakness of the tax system in Belgium, where the bulk of the taxes are paid by only 10% of the wealthy. “If Belgium loses its wealthiest individuals, the national treasury is likely to deflate,” he warned.