Calls Grow to Tax Ultra-Wealthy as Billionaire Riches Skyrocket and Inequality Worsens

Growing calls from various groups and countries to increase taxes on the super-rich and address extreme inequality. This includes billionaires themselves, the IMF, G20 countries like Brazil and France, and the Biden administration.

The number of billionaires has risen dramatically, with their combined wealth more than doubling since 2020 even as inequality grows. Many inherited their wealth rather than earning it through enterprise.

The super-rich pay very little in taxes compared to their massive wealth, often less than 1%. They use various strategies like shell companies to avoid taxes.

There are proposals for a new global minimum tax of at least 2% on billionaires’ wealth. Unilateral solutions are also being considered by some countries.

Momentum is growing with wealth taxes implemented in some countries already. But international cooperation remains a challenge and will take time to develop.