Wealth tax

SINGAPORE BUDGET 2026

Budget 2026: Over-reliance on taxing the rich risks shifting burden to middle class, says PM Wong

Singapore will not pursue ‘jobless growth’, the prime minister pledges in his round-up speech

Taxing wealth via property tax, stamp duty, and motor vehicle-related taxes results in suffering for the middle-income and upper-middle-income groups too, says WP MP Louis Chua.

Top 1% of Singapore households hold 14% of total household wealth; top 5% hold 33%: Jeffrey Siow

These are broadly comparable to advanced economies with similar wealth Gini coefficients

The latest figures include a group whose effects on inequality were previously overlooked: property-owning retirees, especially landlords.
COMMENTARY

Should landlords worry? Singapore’s new inequality data suggests tough conversations will continue

With a clearer – and less flattering – picture of income and wealth inequality, the discussion can shift to what should be done

California governor Gavin Newsom during an interview in San Francisco, California, Jan 29, 2026.

California wealth tax would cause rich to flee, governor Newsom warns

At least six billionaires have already left the state ahead of the Jan 1 residency cut-off

Tesla and SpaceX chief Elon Musk became the first individual to exceed US$500 billion in net worth.

Billionaires’ wealth hits new peak as their clout grows: Oxfam

The number of billionaires surpassed 3,000 for the first time last year

Billionaires such as Checkout.com founder Guillaume Pousaz and Revolut chief executive officer Nik Storonsky have already exited the UK amid the scrapping its non-dom system that allowed tax breaks on overseas wealth for as long as 15 years.

Britain tries to fix its frayed relations with world’s rich

TECH billionaires, the owners of Premier League football teams and heirs to some of Europe’s oldest fortunes all recently left the UK because of higher taxes. Now, Britain’s finance minister is quietl...

The COP29 gathering in Baku ended with developed nations agreeing to provide US$300 billion annually in climate finance to poorer countries by 2035, a figure criticised as way below what is needed to meet the challenge.

World has tools to unlock US$1.3 trillion in climate finance: COP30 report

The upcoming gathering aims to turn vague targets into concrete proposals

Between 2000 and 2024, one per cent of the world’s population captured 41 per cent of all new wealth, of which just one per cent went to the poorest 50 per cent, a report said.

‘Inequality crisis’ threatens democracy, experts warn G20

WEALTH inequality is a global emergency that threatens democracy and social cohesion, experts warned on Tuesday, urging G20 leaders meeting in South Africa this month to establish a panel to tackle th...

Elon Musk (above), judged the world’s richest person in April 2025, has an estimated net worth of US$342 billion. Globally, the average wealth of the top 0.0001% of the population grew on average 7.1% a year between 1987 and 2024, compared to 3.2% for the average adult, according to Gabriel Zucman of the Paris School of Economics and UC Berkeley.
THE BROAD VIEW

The problem with taxing the rich

Fiscal systems designed around income and consumption struggle to capture wealth, and billionaires are highly mobile

Some 82% of UK millionaires surveyed said they would be interested in investing in a so-called golden visa or Citizenship by Investment programme abroad.

UK wealth tax would spur millionaire exits to US: survey

The US tops the rankings among wealthy Britons for potential relocation, followed by Canada, Australia and the United Arab Emirates