SEO Riders:
– Spain, Brazil, and South Africa launch coalition for global wealth tax at Seville summit.
– Initiative targets billionaire tax avoidance to free resources for health, education, and climate action.
– Oxfam and global economists back 2% minimum tax on the ultra‑rich, raising up to $250 bn annually.
At the Fourth UN Financing for Development Conference in Seville, Spain and Brazil, joined by South Africa, unveiled the “Effective Taxation of High‑Net‑Worth Individuals” proposal under the Seville Platform for Action. The coalition aims to enhance tax on billionaires—who collectively saw their wealth surge by US $33.9 trillion since 2015, yet currently pay merely 0.3 percent in taxes. The initiative calls for identifying high‑net‑worth individuals, closing tax loopholes, and formulating a global action plan within three months. It also proposes parallel measures like debt suspension clauses and converting debt into investment to support sustainable development goals.
Oxfam endorsed the initiative, describing it as a vital tool for tackling extreme inequality, addressing climate change, and financing public services . Economists like Gabriel Zucman estimate that a 2% annual wealth tax could raise US $200–250 billion per year, potentially transforming education, healthcare, and climate financing in developing countries. Some support also came from G20 discussions, including consensus on cooperating to tax the super-rich—though opposition remained from countries like the US and Germany.
