Global wealth inequality and the challenge of taxing the ultra-wealthy

Global private wealth is currently expanding at a rapid pace, yet its distribution remains deeply unequal. According to data highlighted by Panos Tsakloglou, Professor at the Athens University of Economics and Business and a member of the Monetary Policy Council of the Bank of Greece, the wealthiest 10% of the world's population controls approximately 75% of total global assets. In contrast, the poorest 50% of the global population possesses only 2% of the wealth, a disparity that experts suggest threatens social mobility and the democratic process.

In a recent interview with Phileleftheros, Tsakloglou addressed the proposal to implement a global minimum tax on billionaires. He stated that while such a fiscal measure is technically achievable, its success depends entirely on coordinated action among major world economies and robust international information sharing. Tsakloglou emphasized that the primary obstacle to such a policy is not technical, but rather political, noting that the concentration of wealth significantly hampers the economic opportunities available to millions of households struggling with the rising cost of living.