Central to this initiative is the potential establishment of a global wealth registry, which would require significant political will and national commitment to enhance transparency and equity in taxation.

The proposal highlights a troubling reality: the wealthiest individuals contribute less to public finances than average taxpayers, primarily due to lower effective tax rates and legal loopholes.

This plan reflects years of advocacy from unions and organizations, striving for a progressive global tax system that can help reduce social inequality.

The initiative builds on the G20's 2024 agreement, which committed to a joint tax agenda for high-net-worth individuals, and includes a work plan to monitor progress in tax reforms.

During the UN's 4th International Conference on Financing for Development in Sevilla, Spain and Brazil proposed a global initiative aimed at taxing the super-rich to combat rising inequality.

To address these issues, the initiative emphasizes improving data sharing between governments and tax authorities, aiming to expose gaps in tax systems and combat tax evasion.

A three-month work plan is being developed to engage more countries and civil society in reforming tax systems specifically targeted at the ultra-rich.

Spain and Brazil are urging other nations to join their initiative for a more progressive global tax system, noting that the richest 1% of the global population owns over 95% of the total wealth.

Spain’s Secretary of State for Finance, Jesúas Gascón, emphasized the need for increased public revenue, pointing out that the wealthiest often pay lower taxes than middle and lower-income taxpayers.

This proposal is part of the Seville Platform for Action, which aims to support the Sustainable Development Goals (SDGs) that are currently off track for the 2030 deadline.

Brazil's Minister at the UN, José Gilberto Scandiucci, described the initiative as a moderate response to the urgent issue of growing inequality, distancing it from far-left agendas.

Oxfam's Susana Ruiz highlighted that this proposal addresses the crisis in global democracy caused by extreme wealth concentration.