AMAFI 2025 Barometer on Savings and Corporate Financing Taxation: A Double Warning Signal

AMAFI is publishing its 2025 Barometer on the taxation of savings and corporate financing, which assesses France’s attractiveness in terms of economic financing and tracks its evolution over time.

The 2025 edition highlights a double warning signal:

A decline in household ownership of listed shares.
The share of listed equities held by households continues to fall. After a decrease observed in volume since 2020, this trend is now also reflected in value terms, bringing levels back to those seen five years ago. While this evolution cannot be directly attributed to taxation, it runs counter to the renewed ambitions of channeling more savings toward the financing of companies through equity markets — which are nonetheless essential to providing the economy with the long-term funding needed for innovation. This finding also raises questions about the dynamics of domestic corporate shareholding, a key factor of resilience in times of crisis.

A decrease in the competitiveness of French companies in equity financing.
As a result of tax measures introduced in 2025, the previous convergence trend that had brought France closer to its European neighbors in terms of the cost of equity financing for businesses has reversed.

In this context, any rollback of the framework resulting from the reforms implemented since 2018 — particularly the single flat tax — would send a very negative signal. AMAFI therefore calls for broader reflection on the levers that could be activated to encourage equity financing, notably through the revitalization of existing investment vehicles.