The debate on taxing the richest at the G20

The Brazilian presidency of the G20 was an opportunity for the largest country in Latin America to put forward the proposal suggested by economist Gabriel Zucman to tax the wealth of the richest individuals¹.

The meteoric rise in the total wealth of the wealthiest in France² as in the rest of the world is a profound, resilient and growing phenomenon resulting directly from the deregulation of the global financial system since the end of the Bretton Woods agreements.

Financial securities such as shares are largely in the majority in the wealth of the very wealthy and easily identifiable by the public administrations of the countries³.

In addition, the taxation of the wealthiest is generally unanimous in the G20 countries and France is no exception⁴.

The report of the NGO Earth4All based on the survey conducted by Ipsos between March and April 2024 is eloquent on the subject.

67% of G20 residents say they are in favor of taxing the wealthiest⁵.

Several consensuses are emerging on the reform of political systems, on the necessary climate action as well as on the reduction of inequalities at the national and global levels⁶.

Unsurprisingly, a majority of citizens are in favor of prioritizing the well-being of all over the profits of private actors⁷.

This study is revealing of the multiple crises underway at the political, economic and ecological levels, weakening the social fabric of the G20 countries and requiring greater intervention by States as well as collaboration between the various State and non-State actors.

One of the major challenges highlighted by this study also concerns the trust of individuals in their governments and institutions.

Indeed, 3 out of 5 people surveyed do not trust their government when it comes to decision-making in the interest of the majority of citizens⁸.