François Hollande: Mr Normal reveals €1.2m wealth François Hollande in Tulle, central France on Friday. Photograph: Jean-Pierre Muller/AFP/Getty Images François Hollande, the socialist "Mr Normal" who will be sworn in as French president next week, says he is worth almost €1.2m (£960,000), considerably less than his predecessor Nicolas Sarkozy. Hollande, who campaigned on a promise to ditch the showbiz style that won Sarkozy the nickname of President Bling Bling, says in a declaration published on Friday that his principal asset is a house on France's southern Riviera coast. The declaration shows that Hollande, who rents his apartment in Paris but could now move into the presidential Elysée Palace, has declared assets of €1.17m, primarily the house in Mougins. Other assets declared are bank accounts worth €8,200, a life insurance contract worth €3,550 and €15,000 of furniture, said the declaration. The man who used to travel to work by scooter, and described himself as Mr Normal during campaigning, does not own a car, the declaration says. Sarkozy, who hands the reins over to Hollande on 15 May and may go back to work as a lawyer, said in an official declaration in March he was worth about €2.7m, up from €2.1m when he took power in 2007. Most of that is in life insurance products, but Sarkozy also declared a collection of autographs, watches and statuettes worth €100,000 and a joint bank account of €57,000 he shares with his wife, the singer and former model Carla Bruni-Sarkozy. Hollande's wealth falls just below the threshold that would make him liable to pay wealth tax in France. His French Riviera residence was bought in 1986 for just over half its current declared value and is the place where he spent summer breaks with former partner Ségolène Royal, with whom he had four children in a quarter of a century together. He now lives with Valérie Trierweiler, a journalist. Hollande, whose father Georges, a doctor, dabbled in property investment, said in his declaration he had part ownership of two apartments in Cannes that are worth €370,000 in all. Among the first measures he says he will implement after he takes over is a 30% cut in the presidential salary of more than €19,000 a month.