A new report, funded by the european union, has found that the worlds super rich are still able to pay low rates of tax, despite a decade of efforts to reduce evasion. The study says there are still too many loopholes and billionaires are able to pay less than half a percent of their wealth. The eu tax observatory, which is behind the report, is calling for a new global minimum tax on billionaires saying that if the richest 3000 people in the world paid 2 , then it would raise 250 billion a year. Lets speak now to one of the reports authors quentin parrinello, Senior Advisor at the eu Tax 0bservatory . What more can you tell us about what this report is calling for and whether its feasible . In this report we are trying to target tax evasion and mistakes have happened in the last decade in terms of tax evasion. Mainly focusing on the taxation of billionaires. We are asking to replicate the agreement on the global scale. For Global Billionaires. As you said, Global Billionaires. As you
Amidst global economic turmoil, 2023 witnessed a surge in the fortunes of the world s wealthiest, notably Elon Musk and Mark Zuckerberg. Despite market volatility and geopolitical tensions, the elite echelon of billionaires saw unprecedented wealth growth, with tech titans leading the charge. Musk s Tesla propelled his net worth to astronomical heights, while Zuckerberg s Meta resurgence marked a remarkable financial leap. The year underscored the widening chasm between the super-rich and economic struggles faced by many.
Despite these achievements, he encountered early career challenges in securing positions with major multinational corporations due to his Hindi-speaking background.