Is it time to consider introducing a wealth tax?

THE movie Crazy Rich Asians propelled Singapore into the limelight, as moviegoers around the world had a peek into the luxury lifestyles of Asia's super wealthy families.

Asia is home to more than a quarter of the world's 2,754 billionaires and it is likely that the region's wealth will continue to grow briskly in the years to come. With tax authorities around the world looking for more avenues to drive tax revenue collection, is there a real opportunity to introduce wealth tax - a tax on assets or net wealth of an individual - in Singapore?

Wealth tax is typically an annual tax on the net wealth of an individual. For example, in Spain, it is a progressive tax that ranges from 0.2 per cent to 3.75 per cent of net assets for individuals.