A significant shift in public opinion is emerging across Europe, with an increasing demand for higher taxes on the super-rich. Recent surveys indicate overwhelming support for taxing the wealthiest individuals to fund public services, such as healthcare and education, as well as investments in renewable energy.
A Rising Concern: Wealth Inequality
Rising economic inequality has become a focal point for many. The richest 1% in Europe own nearly half of all financial wealth, according to Oxfam, while the remaining 99% of the population has grown poorer. This growing divide has led to increased calls for wealth taxes as a means of addressing the imbalance. The lack of fair taxation on extreme wealth has fuelled frustration, with critics accusing the wealthy of contributing less to public finances than ordinary citizens.
Global Support for Wealth Taxes
A global survey conducted by various NGOs in May 2025, which included countries such as the UK, US, France, Germany, Italy, and Spain, revealed broad support for taxing the super-rich. The survey aimed to gauge public opinion on the use of tax revenues for improving public services, including healthcare, education, and renewable energy investments.
Among European countries, Italy showed the strongest support for taxing the wealthiest individuals. Notably, 94% of Italians agreed that higher taxes on the super-rich should be used to improve healthcare. Spain, France, the UK, and Germany also showed high levels of support, with 91%, 90%, 89%, and 85% backing this idea, respectively. However, support for using tax revenues for renewable energy investments was lower across the board.
Closing Tax Loopholes: A Key Priority
A prominent proposal is to close tax loopholes that allow wealthy individuals and multinational corporations to evade taxes through tax havens. A Eurobarometer survey found that 80% of EU citizens are in favour of implementing a minimum tax rate for large multinational companies in each country where they operate.
Government Resistance to National Wealth Taxes
Despite public support, many European governments remain hesitant to introduce national wealth taxes. Concerns over the potential exodus of wealthy individuals and capital flight have led leaders, including German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni, to publicly oppose such taxes. Furthermore, the number of OECD countries with wealth taxes has dwindled due to implementation challenges and fears that such taxes could stifle innovation and entrepreneurship.
In Switzerland, a recent referendum rejected a proposal to introduce a new inheritance tax targeting the largest fortunes. However, a few European countries, including Norway, Spain, and Switzerland, still apply wealth taxes at varying levels.
Wealth Taxes in Practice: Norway, Spain, and Switzerland
According to the Tax Foundation, only a handful of European nations heavily tax the wealthy. Norway, Spain, and Switzerland implement wealth taxes on an individual’s total net wealth, while countries like France, Italy, Belgium, and the Netherlands impose wealth taxes on selected assets.
Notably, Spain introduced a temporary national wealth tax after the Covid-19 pandemic and has made it permanent. This tax has been credited with helping Spain maintain robust economic performance, with GDP growth of 3.2% last year, compared to the EU’s average of just 1%.
A Global Call for Progressive Taxation
There is growing momentum for a global system of wealth taxation. Economists like Gabriel Zucman, commissioned by Brazil’s G20 presidency, have proposed a global minimum tax rate of 2% on wealth exceeding $1 billion (€860 million). Zucman’s report highlights the disparity between the wealth tax rate of billionaires, who pay only about 0.3% of their wealth annually, compared to middle-class taxpayers.
This proposal has received backing from finance ministers in countries like Brazil, Germany, Spain, and South Africa, who argue that it is crucial to address the tax evasion that undermines national economies.
Thomas Piketty’s Vision Gains Traction
The ideas of economist Thomas Piketty, best known for his 2014 book Capital in the Twenty-First Century, are once again gaining political relevance. Piketty advocates for a global progressive wealth tax, coordinated internationally to prevent tax avoidance. His ideas are now under consideration in countries such as France, the UK, and Norway.
In Norway, the wealth tax was a central issue during the September elections, with the Labor Party raising the tax rate. In France, left-wing parties are pushing for a new annual wealth tax of 2% on wealth exceeding €100 million, while in the UK, 53 MPs have signed a proposal for a similar tax on assets over £10 million (approximately €11.4 million).
The Economic Debate: Weighing the Costs and Benefits
The debate surrounding wealth taxes is far from settled. Proponents argue that higher taxes on the super-rich can reduce inequality and help finance essential public services. Spain’s post-pandemic success story, with its growing economy and permanent wealth tax, serves as an example for others to consider.
However, critics warn that wealth taxes could discourage entrepreneurship and investment, potentially slowing economic growth and innovation. In the face of weak growth, aging populations, and rising defence spending, European governments are under increasing pressure to find new sources of revenue. As the debate continues, the political momentum behind taxing the ultra-wealthy shows no signs of fading.
Conclusion: A Growing Consensus on Wealth Redistribution
As fiscal pressures mount and inequality deepens, the call for higher taxes on the super-rich is gaining traction across Europe and beyond. The idea of a global, progressive wealth tax is gaining political support, and the pressure is building on governments to take action. The debate over how to balance economic growth with social equity will continue, but one thing is clear: the issue of wealth taxation is now firmly on the global political agenda.
The coming years may see significant shifts in how governments approach the taxation of the ultra-wealthy, with potential implications for economic growth, public services, and global financial systems. The political and economic stakes are high, and it is a conversation that will likely define the future of wealth distribution.
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