Spanish Economy Minister Carlos Cuerpo called on the world's richest countries to "be brave" and redouble efforts to reach an agreement on a global minimum tax for nearly 2800 of the world's billionaire.
Cuerpo pointed out that the recent elections showed that citizens demand "redistribution of wealth".
Cuerpo said the plan had gained political momentum since the summer, when finance ministers agreed to work together to "ensure that ultra-wealthy individuals are effectively taxed," the Guardian reports.
"There comes a point where you have to be brave and you just have to do the things that you believe are right." There is an element of wealth redistribution here that, if we listen carefully to the results of the many elections that have been held in recent years, our citizens, our population, demand. So we have to respond somehow," Cuerpo said.
Brazil, France and Germany for, USA against
Brazilian President Lula da Silva is hosting a Group of 20 summit in Rio de Janeiro from Monday, where he will try to push forward plans to tax the world's richest billionaires.
At the G20 finance ministers' conference in July, also in Rio, the world's richest countries agreed to start a "dialogue on fair and progressive taxation, including ultra-rich individuals", despite strong opposition from the United States and regardless of the crisis of the German coalition government, writes DW .
Brazil is expected to push for formal talks on global wealth taxes when it hosts the Cop climate summit next year.
France, Germany and South Africa supported the proposal and pointed out that the money is needed to help climate-vulnerable nations and drive green investments.
Economist Zukman's plan
The plan, devised by French economist Gabriel Zucman, proposes a two percent annual tax on the total net worth of the very rich, not just their annual income. This would include real estate, stocks and other investments.
Zuckman estimates that the richest, who make up 0,01 percent of the world's population, pay an effective tax rate of just 0,3 percent on their wealth.
The new taxes could raise up to $250 billion annually from the nearly 2800 billionaires worldwide, whose combined wealth is estimated at about $13,5 trillion, according to the Forbes list.
The funds raised would be used to alleviate growing global inequalities, particularly in over-indebted low-income countries, including many African countries.
Rich people in Serbia
Forbes magazine recently published a list of 11 people from Serbia who directly or indirectly own at least 140 companies registered in Serbia and abroad.
The companies they manage have fixed assets worth 1,1 billion euros. When you add current assets worth 768 million euros, which most often consist of inventories, short-term claims and liquid assets and which can be collected in case of need, they actually "lie" on assets worth almost two billion euros.
On the other hand, they owe 1,45 billion euros, of which slightly more than 800 million are long-term liabilities and almost 620 million are short-term, and in the past three years alone, they have generated revenues of more than three billion euros.
Source: Guardian/DW/Forbes
