In the wake of a widespread call for taxing extreme wealth in the name of tax justice at the G20 summit in New Delhi, which garnered support from 139 American and British

millionaires, the Greens/European Free Alliance group in the European Parliament has released a comprehensive study. This study, the first of its kind, explores the potential revenue generated by taxing the wealthiest 0.5%.

The report, conducted by the NGO Tax Justice Network using data on income, wealth, inequality, OECD statistics, and insights from economists like Gabriel Zucman and Emmanuel Saez, evaluates the feasibility of implementing a wealth tax and addressing tax evasion by the super-rich. The findings are striking: A "moderate progressive" wealth tax, focusing on the top 0.5% of each European state, could contribute over €213 billion in additional tax revenue to public budgets annually. It's worth noting that this "top 0.5%" currently possesses nearly 20% of Europe's wealth, a stark contrast to the 3.5% held by the least affluent half of the population. Moreover, their wealth has surged by 35% over the past decade.

Germany and France stand to benefit substantially from a tax aimed at the wealthiest individuals, with projected gains of €65.1 billion and €46.1 billion, respectively. Southern European countries, including Italy (€27.2 billion), Portugal (€3.7 billion), and Greece (€1.4 billion), would also experience notable gains. Unlike the wealth tax introduced in Spain or the French real estate wealth tax, the Green proposal would encompass all assets, including real estate, bank deposits, company shares, artworks, and more.