Nine of the world’s ten wealthiest billionaires now call the United States home. The remaining one? He lives in France. And that one — Bernard Arnault, the 76-year-old who owns just about half the world’s largest maker of luxury goods — is now feeling some heat.

What has Arnault and his fellow French deep pockets beginning to sweat? Lawmakers in France’s National Assembly have just given a green light to the world’s first significant tax on billionaire wealth.

“The tax impunity of billionaires,” the measure’s prime sponsor, the Ecologist Party’s Eva Sas, exulted last month, “is over.”

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