The measure is being framed as a way to address wealth inequality while bolstering public finances. A recent report by the EU Tax Observatory suggests that such a tax could generate about €40 billion annually across the European Union and more than €186 billion worldwide.
The figures are striking. The tax would represent just 2% of the €12 trillion controlled by the world’s wealthiest individuals, yet it would multiply by seven the revenue currently raised from taxing them in Europe, which stands at only €5.6 billion. The shortfall is largely the result of tax loopholes, offshore structures, and aggressive wealth management strategies. Today, billionaires face effective tax rates of no more than 0.5% of their wealth, according to the Observatory.
The design of the proposed wealth tax mirrors the 2021 agreement on a global minimum corporate tax under the OECD, which set a floor to curb tax competition and capital flight to low- or zero-tax jurisdictions. By establishing a minimum levy on extreme wealth, policymakers hope to close loopholes and ensure the ultra-rich make a more meaningful contribution to public budgets.
If such a measure were introduced in Greece, the impact would be far from negligible. According to Forbes, the country is home to at least 14 individuals and families whose fortunes exceed $1 billion (€930 million), drawn largely from shipping but also from energy, banking, real estate, and art. Together, they hold assets valued at more than €37 billion. A 2% wealth tax on this group alone would raise an estimated €744 million each year—roughly half of what Greece currently collects through its property tax, ENFIA, or enough to finance a modest but targeted social spending program.
