Proposed at the UN’s 4th International Conference on Financing for Development in Sevilla, both nations called for enforcing effective taxation of High-Net-Worth Individuals (HNIs) and taxing the super rich to curb inequality.
- The proposal forms part of Seville Platform for Action, which is turbocharging voluntary actions to help reach the Sustainable Development Goals (SDGs).
- Both countries also proposed creating a Global Wealth Registry for more transparency, accountability, and fairer contributions from the richest.
- This proposal aims to create a comprehensive international registry of all wealth and assets, along with real beneficial owners.
Need for Actions to curb Inequality
- Income Disparity: The wealthiest 1% own more than 95% of the global population combined.
- Addressing Tax Disparity: The wealth of the richest 1% has surged $33.9 trillion since 2015, yet billionaires only pay around 0.3% in real taxes.
- Achieving SDGs: Billionaires—roughly 3,000 people—have gained $6.5 trillion in real terms, more than the $4 trillion estimated annual cost of achieving the SDGs.
- Public-Private Wealth Gap: Between 1995 and 2023, global private wealth grew by $342 trillion – eight times more than global public wealth.
Initiatives to Tackle Inequality
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