First named IGF (Impôt sur les Grandes Fortunes), it was abolished in 1986 by Jacques Chirac's right-wing government, but reestablished in 1988 as ISF in slightly different terms after François Mitterrand's reelection.
In September 2017, the French Government abolished ISF and replaced it with the wealth tax on real estate [fr] (IFI), from 2018.
The ISF was controversial; critics claimed it drove away wealthy individuals from the country, resulting in financial loss.
A report by senator Philippe Marini estimated that 843 people left France in 2006 because of the tax, resulting in a net loss of €2.8 billion.
Certain real estate properties in countries with a fiscal convention such as Denmark, Luxembourg, Egypt, Finland, Netherlands, and Czech Republic were excluded.