France’s Far Right Has Rich Backers, and for Good Reason
Not all French business elites look favorably on the rise of Marine Le Pen’s Rassemblement National. But tech bosses, fossil fuel magnates, and “alternative finance” chiefs see plenty to like in its program — and they’re putting their support behind it.
Rassemblement National leaders Marine Le Pen and Jordan Bardella address supporters on June 9, 2024. (Julien de Rosa / AFP via Getty Images)
If we believed that Marine Le Pen’s Rassemblement National represented the “left-behind,” it might be surprising to see how many wealthy entrepreneurs are backing it ahead of France’s decisive parliamentary elections. Even more surprising is the fact that business support for the French far right now extends to sectors not traditionally associated with the nationalist right, from investment fund managers to tech entrepreneurs and energy bosses. All this looks markedly different from the days when the Rassemblement National was primarily supported by building contractors and shop owners.
Journalists have been careful not to make general claims about this development, often attributing such business support to the personal opinions of wealthy entrepreneurs and the broader fascization of French political life. However, as media investigations reveal more connections between the French far right and the business community, a striking fact emerges. These entrepreneurs come from a very small number of sectors — and beyond their personal whims, they support the far right because they think it will promote their business interests.
Sectors of Support
The French far right is supported by wealthy entrepreneurs from three main sectors. Finance is the most prominent of these. This is not just any financial sector but rather “alternative finance,” which includes various sorts of investment funds, as opposed to mainstream finance, with its retail banks and stock market actors. For example, Le Monde has revealed that Pierre-Edouard Stérin, the founder of private equity fund Otium Capital, is a staunch supporter of Marine Le Pen and has backed both her personal and political endeavors. His business partner in Otium Capital, François Durvye, recently paid €2.5 million to the Le Pen family to buy their mansion in western Paris, while allowing the elderly Jean-Marie Le Pen to live there for the rest of his life. Another example is Charles Gave and his hedge fund Gavekal, a secretive firm based in Hong Kong. French investigative website Médiapart has highlighted how Gave supported white-supremacist candidate Éric Zemmour’s presidential campaign by lending him €300,000 and also contributed to the far-right journal Conflicts.
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