A historic step at the G20 Summit.
Báo Quốc Tế•16/11/2024 |
| As the G20 chair in 2024, Brazil proposed a minimum 2% annual tax on the world's 3,000 wealthiest individuals whose assets exceed one billion USD. (Source: Shutterstock) |
The super-rich are getting richer rapidly. According to statistics, by the end of 2023, the number of members of the world's ultra-rich club, which includes individuals with a minimum net worth of $30 million, had increased by 28% in just seven years. The wealth of the richest 1% of the planet also increased by $42 trillion over the past decade, nearly 36 times the total wealth of half the world's poorest population.
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But paradoxically, the super-rich pay far less in taxes than the average person. Their assets are virtually untaxed, with effective tax rates ranging from 0% to 0.5%. In fact, for every dollar of tax collected from billionaires, less than 8 cents is property tax.
Furthermore, many billionaires are seeking to exploit loopholes in the tax system or transfer assets to countries with lower tax rates to increase their profits. Such practices are depriving countries of much-needed revenue, especially during the current economic downturn.
As the G20 chair in 2024, Brazil proposed a minimum 2% annual tax on the world's 3,000 wealthiest individuals with assets exceeding one billion USD. It is estimated that this revenue, ranging from 200-250 billion USD per year, would help address global issues such as education , healthcare, and climate change.
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As the country home to nearly 80% of the world's billionaires, the G20 will have a decisive say in the plan to tax the super-rich. If this initiative is passed in Rio de Janeiro, it would be a historic step in efforts to reduce development inequality around the world.
Source: https://baoquocte.vn/buoc-di-lich-su-tai-hoi-nghi-thuong-dinh-g20-293730.html
![[Photo] Prime Minister Le Minh Hung presides over the thematic session on promoting science and technology development and innovation.](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2026/06/23/1782207872934_ndo_br_dsc-1724-jpg.webp)
