Spain and Brazil Team Up to Tackle Tax Evasion by the Ultra-Rich

At the UN's 4th International Conference on Financing for Development in Seville, Spain and Brazil launched a bold initiative: a push for a fairer global tax system to make the ultra-wealthy contribute more to public finances. Highlighting that the richest 1% own over 95% of global wealth, they argue that lower effective tax rates and legal loopholes allow the wealthy to pay less than ordinary taxpayers. The initiative calls for increased information sharing, improved data analysis capabilities, and ultimately, a global wealth registry to enhance transparency and accountability. While acknowledging the time and political will required, Spain and Brazil believe this is a moderate approach to address the radical reality of growing wealth inequality.