Emmanuel Macron doesn't understand the poor, says France's third richest man

France’s third richest man, and the world’s 25th, has issued stern words of warning to President Emmanuel Macron: He doesn’t understand the poor.

It is de rigueur in Left-wing opposition circles to accuse Mr Macron, 40, of being “the president of the rich”. Far rarer is a put-down from one of France’s most eminent captains of industry, and a self-made billionaire to boot.

Yet in an interview with M, Le Monde weekly magazine, François Pinault, 81, said: “(Mr Macron) doesn’t understand the little people.” “I’m afraid that he is leading France towards a system that forgets its least well-off.”

A household name in France, Mr Pinault is one of the country’s most feared and admired bosses and the world's 25th richest man, according to Forbes. He founded and long ran the luxury giant now known as Kering, which owns Gucci, Yves Saint Laurent, Balenciaga and Alexander McQueen among others. The group is today run by his son François-Henri.

Mr Pinault père now spends his time collecting and patronising modern art, and has galleries in Venice and Paris. His holding company Artemis also owns Chateau Latour and Christies auction house.

The tycoon is no stranger to French politics, and is a longtime close friend of former president Jacques Chirac. The two have often be seen sipping pastis in Saint-Tropez. Mr Pinault confessed to having voted for Socialist François Hollande against conservative rival Nicolas Sarkozy in 2012.

The dig comes at a sensitive time for Mr Macron, who this week refused to discuss his plans to build a swimming pool in his presidential retreat at the Fort de Brégançon on the Riviera - a move considered insensitive by opponents at a time when the government has cut housing benefit for the poor.

Mr Macron's former presidential campaign manager, Richard Ferrand, reacted with sarcasm. "No doubt only billionaires can understand others," he tweeted.

But Mr Pinault isn't the only wealthy French businessman expressing concern over Mr Macron's perceived lack of rapport with the less well-off.

Matthieu Pigasse, who heads the Lazard investment bank in France, said: "He lacks an essential social dimension and a policy to fight against inequalities in all forms."

"Where are the plans for the suburbs, the fight against poverty and extra efforts for higher education?" the dealmaker who part owns Le Monde and other media, told Les Echos business newspaper.

Mr Macron also recently came in for criticism from the man who wrote his economic programme, Jean Pisani-Ferry, who along with two other economists warned that the president had offered tax breaks for business and the rich but must do more for the poor or risk losing even “his most ardent supporters”.

“The president must talk about the issue of inequalities and not leave this debate to his opponents,” the economists wrote in the leaked memo.

Among proposals to reduce inequalities, the economists suggested a rise in inheritance tax for the richest, scrapping tax credits on property investments, and cancelling Mr Macron’s promise to abolish a housing tax for the wealthiest 20 per cent.

While OECD figures out this week suggest that France's social transfers have reduced the number of poor in the country compared to other European states, Mr Macron has been criticised for complaining that benefits are costing "crazy amounts of dosh".

Voters remain unconvinced his policies are reducing inequality. More than half believe they have worsened under his leadership, according to an OpinionWay poll last month.

Mr Pigasse nevertheless said he hoped he succeeded in improving French fortunes, adding: "I wish him success, because he's the last bastion against populism in France."