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Wealth Tax on Super-Rich Could Raise £1.5tn Globally, £24bn in UK Annually

Aug 19, 2024, 06:22 AM

A proposed wealth tax on the super-rich could potentially raise significant revenue globally and in the UK, according to campaigners. The tax, suggested at a rate between 1.7% and 3.5% on the wealthiest 0.5%, could generate $2.1 trillion (£1.5 trillion) worldwide. In the UK, it is estimated to raise £24 billion, which could address a shortfall in public finances. The campaign group Patriotic Millionaires supports the initiative, urging the government to tax the wealthy instead of imposing financial burdens on pensioners, children, and the poor. The UK could raise $31bn a year from this tax.