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A global tax on billionaires is on the agenda. Will it ever happen?

·1 min

Finance officials from the world’s biggest economies have begun discussions on implementing a global minimum tax on billionaires. The G20 countries discussed the proposal at a summit in São Paulo, Brazil, two years after a landmark agreement set a minimum tax rate of 15% for multinational companies. The EU Tax Observatory reports that the super-rich in large countries pay a much smaller share of their income in taxes than ordinary people. The Observatory proposes a global 2% tax on billionaires’ net wealth, which could generate $250 billion per year. However, reaching an agreement among the G20 countries will be challenging.