SEO Riders:
– Spain, Brazil (with South Africa) launch coalition for global wealth taxes at Seville FFD4 summit.
– Proposal targets billionaire tax loopholes to redirect trillions toward health, climate, and debt relief.
– Oxfam and global economists back 2% minimum wealth tax, citing massive wealth gains by 1%.
At the Seville Financing for Development Conference (July 1, 2025), Spain and Brazil, supported by South Africa, unveiled a joint initiative under the Seville Platform for Action, advocating for a coordinated global tax regime targeting the super-rich. The plan calls for a 2 percent minimum annual tax on ultra-wealthy individuals—a move aligned with a prior G20 consensus to tackle extreme inequality and revenue shortfalls. With billionaire wealth having soared by US $33.9 trillion since 2015, yet contributing just 0.3 percent in taxes, the measure aims to unlock hundreds of billions for development, climate adaptation, and debt relief in the Global South .
Oxfam praised the initiative as a landmark shift, stressing that such taxes are essential to end chronic underfunding of public services in poorer nations and to challenge the “financial system that puts the wealthy few at the centre” . Economists like Gabriel Zucman estimate a 2 percent tax could raise US $200–250 billion annually from the world’s top few thousand billionaires—revenue that could instead drive **universal healthcare, climate resilience, and sustainable development goals. While Spain, Brazil, France, Germany, and South Africa back the proposal, the **United States and Germany have opposed binding mandates, citing concerns over sovereignty and tax flight risks.
