The financial wealth of French households continues to grow, with an increase of +2.7% at the end of 2025 compared to 2024. This growth masks an underlying trend: savers are favoring defensive assets (savings accounts, deposits, euro funds) at the expense of more dynamic assets.
At the same time, the 2026 finance law has modified several tax provisions that have so far structured wealth management strategies. Optimizing wealth management now requires navigating a changing regulatory framework and making decisions that are less straightforward than a few years ago.
2026 Finance Law: What Changes for Wealth Taxation
Two mechanisms commonly used by holders of professional wealth have been tightened. The contribution-exit regime now imposes a reinvestment quota raised from 60% to 70%, and the holding period for the donee is extended to six years. The Dutreil pact, which allows for a 75% exemption on the transfer of family businesses, requires an individual commitment extended to six years, totaling eight years.
These adjustments primarily affect business leaders structuring the sale or transfer of their activities. However, they also indirectly alter the timeline of any wealth strategy involving a holding company, as exit windows are extended.
Another new feature: a 20% tax on luxury assets (yachts, luxury vehicles, artworks) held in certain wealth management holdings. This point, rarely addressed in consumer guides, changes the game for households that used these structures as optimization envelopes. Specialized resources are available to track these developments, such as the page: https://mk-finance.fr/ which deals with wealth management and financial advice.
Defensive Wealth Allocation: Asset or Hindrance in the Long Term
The rise of regulated savings accounts and euro funds reflects a cautious reflex. Life insurance in euros and retirement savings are also increasing, confirming this defensive orientation.
In terms of capital preservation, this positioning serves its purpose. The real return (after inflation) of these assets remains low, and the question arises differently depending on the investment horizon.
The Trap of an Allocation Too Focused on Savings Accounts
A portfolio predominantly composed of savings accounts and euro funds experiences a slow but steady erosion in purchasing power. For a horizon of five to ten years, diversifying into higher-yielding assets becomes a consideration, even for cautious profiles.
Field reports diverge on this point: some advisors find that savers who have shifted to mixed assets (unit-linked, SCPI) since 2023 show higher net performance, while others highlight increased volatility and management fees that erode the yield gap.
SCPI in 2026: Yield, Liquidity, and International Strategy
SCPI remains a popular indirect real estate investment vehicle. Investment strategies in 2026 are increasingly turning international, with acquisitions outside France allowing for higher rental yields and benefiting from favorable tax treaties.
The new SCPIs launched in recent years display varied risk profiles. Before subscribing, several criteria deserve particular attention:
- The historical distribution rate and its consistency over three to five years, rather than a yield reported for a single year
- The liquidity of the secondary market: some office SCPIs have experienced extended resale times since the crisis in the tertiary segment
- The geographical and sectoral diversification of the underlying portfolio, which reduces exposure to a single market
The available data does not allow for a conclusion that all SCPIs are facing the same situation. Internationally diversified SCPIs are holding up better than those concentrated on Île-de-France offices, but each vehicle presents its own risk profile.
Wealth Transfer: Anticipating New Timelines
The extension of holding commitments under the Dutreil pact requires rethinking the transfer timeline. A leader who planned to transfer their business over a five-year horizon must now incorporate eight years of total commitment for the Dutreil exemption.
This time constraint has concrete effects: it delays the liquidity of the transferred wealth and limits the family successor’s ability to quickly restructure the business. For mixed wealth (professional and personal), coordinating the transfer of the business and the donation of private assets becomes more complex.
Donations and Dismemberment: Two Complementary Tools
Dismemberment of property remains an effective transfer lever, even after the adjustments of 2026. Giving the bare ownership of an asset while retaining the usufruct allows for reducing the taxable base, provided that the applicable allowances are respected and donations are planned well in advance.
- The donation of bare ownership benefits from a discount related to the age of the donor at the time of the act
- The allowances are renewed every fifteen years, which favors a staggered donation strategy
- Temporary dismemberment can also apply to SCPI shares, combining transfer and deferred income
Wealth management in 2026 is characterized by a more stringent tax framework and extended holding periods. The trade-offs between security and yield closely depend on personal circumstances, age, and individual goals. Every wealth strategy benefits from regular review, at a minimum with each significant legislative change, to avoid being subject to rules designed for configurations other than one’s own.