A 2% tax on assets above £10m held by all members of the Sunday Times rich list could raise as much as £22bn, according to analysis by Tax Justice UK, the Economic Change Unit and the New Economics Foundation (NEF).
The campaigners said similar wealth taxes in Norway, Spain and Switzerland had helped to reduce inequality and eased the cost of living crisis for some of the poorest people in those countries. They called on the government to carry out urgent reform of the “fundamental unfairness in the tax system which means that income from work is taxed more than income from investments, rent and inheritances”.
Lukasz Krebel, economist at NEF thinktank, said: “This year’s rich list shows that at a time when so many of us are struggling with the cost of living, the very wealthiest in society continue to thrive.
“Yet this elite group aren’t taxed as much as those of us who earn our living, leaving us with less money to invest in hospitals, schools and parks. We can share the wealth that we all create by increasing taxes on the very rich. By doing this, we can repair our public services, power our future with locally made energy from the wind and sun, and create jobs and thriving neighbourhoods for all of our families.”