ARTICLE · 25 MARCH 2024

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G20 Floats Global Minimum Wealth Tax Idea

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The Group of 20 (G20) countries is exploring plans for a global minimum wealth tax that would apply to the world's 3,000 billionaires.

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The Group of 20 (G20) countries is exploring plans for a global minimum wealth tax that would apply to the world's 3,000 billionaires. The meeting of G20 finance ministers and central bank governors in São Paulo on 29 Feb 2024 first discussed a tax on billionaires that in its design could take inspiration from the 15% global minimum corporation tax.

The item was put on the agenda by Brazil's government. The country's Finance Minister, Fernando Haddad, said, "We need to ensure that the world's billionaires contribute their fair share in taxes."

He added tax avoidance by the extremely wealthy could be resolved through international cooperation so that "these few individuals make their contribution to our societies and to the planet's sustainable development."

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