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A Global Wealth Tax: G20 finance ministers agree to work toward effectively taxing the super rich

In July 2024, the G20 meeting in Rio de Janeiro marked a potential shift for the world’s wealthiest individuals. Finance ministers from leading rich and developing nations agreed to strive toward effectively taxing the super rich, a joint ministerial declaration said, with Brazil, under President Luiz Inácio Lula da Silva, leading the charge. The proposed tax, a 2% minimum levy on billionaires, could generate between $200 and $250 billion annually. While the move aims to address inequality and climate change, it raises important questions for those directly impacted.