World’s billionaires should pay minimum 2% wealth tax, say G20 ministers

Brazil, Germany, Spain and South Africa sign motion for fairer tax system to deliver 250bn a year extra to fight poverty and climate crisis

• Why we need a global tax on billionaires'

The world's 3,000 billionaires should pay a minimum 2% tax on their fast-growing wealth to raise 250bn a year for the global fight against poverty, inequality and global heating, ministers from four leading economies have suggested.

In a sign of growing international support for a levy on the super-rich, Brazil, Germany, South Africa and Spain say a 2% tax would reduce inequality and raise much-needed public funds after the economic shocks of the pandemic, the climate crisis and military conflicts in Europe and the Middle East.