Investment vehicles associated with French luxury group LVMH Moet Hennessy Louis Vuitton have amassed assets totaling E4 billion ($5.2 billion) in neighboring Belgium, where Bernard Arnault, LVMH's principal shareholder as well as its chairman, recently applied for citizenship. Arnault has sparked an uproar by seeking Belgian citizenship, just as Pres Francois Hollande plans to impose a 75% tax on incomes of more than E1 million. Belgian income and inheritance taxes are significantly lower than in France, and unlike France, Belgium does not impose a tax on personal wealth. The LVMH boss has said he will retain his French citizenship and will continue to pay French taxes. Arnault has said he is planning to invest in the country. But local investment authorities say he would gain no advantage by having citizenship.