Gabriel Zucman emphasises that individual countries are able to introduce a wealth tax effectively. The biggest problem is the potential exodus of wealthy individuals – but there are solutions to this too, such as taxing them even after they have left the country. As we see, the US model of taxing citizens independently of where they live reduces the incentives for people to leave. For Zucman, one thing is clear: “Above all, this is a political decision.” -fw

Katrin Rulle

Taxing billionaires may not solve all problems, but without their contribution to society, many solutions will remain out of reach. Fair taxation must be the starting point, says Zucman. He defines the super rich as individuals with a net worth of more than 100 million US dollars – and it is precisely at this point that personal taxation fails. Income tax is no longer enough at this level, he says, further instruments are needed. Zucman also emphasises that extreme wealth is not a virtual quantity, but real power. When Elon Musk claims that Tesla is not making a profit but then goes and buys Twitter, this has real consequences for millions of people. That is why it is essential to make responsibility binding, rather than merely hoping for voluntary compliance. -nk

Katrin Rulle