Growing Demands for Taxing the Super-Rich: G20 Urged to Take Action
Economists and millionaires are urging governments to impose taxes on the superrich, as billionaires' wealth has grown by 109% over the past decade, reaching $11.8 trillion. The top 10% of the world's richest individuals own 76% of global wealth, while the bottom 50% possess only 2%. Taxing the ultrarich by 5% could raise $1.7 trillion annually, enough to lift two billion people out of poverty. However, the main obstacle to implementing a global tax system is political. Some propose an "economic charter of rights" to address wealth inequality and ensure fairer distribution of profits among employees.