G20 finance chiefs have pushed the discussions on Brazil's global billionaires tax plan to future summits. After a contentious debate this week in Rio de Janeiro, Group of twenty finance chiefs have pledged in a draft communiqué to keep discussing the proposal for a global wealth tax.

The statement promises to keep talking about ‘dialogue on fair and progressive taxation, including on ultra-high net worth individuals.’ The 2 per cent minimum tax on billionaires is what Brazil's president has used to highlight his country's achievements this year. But, the G20 pushback signals a kick down the road for those discussions.

In a revised version, Brazil successfully advocated for the language's inclusion after the first document failed to do so. It now states nations would strive for a ‘fairer, more stable and efficient international tax system fit for the 21st century.’ Brazil's Lula has advocated the tax as a possible means of financing international efforts to combat hunger and climate change. However, other countries, like the United States, have questioned its feasibility.

US Treasury Secretary Janet Yellen said, ‘Tax policy is very difficult to coordinate globally, and we don't see the need or really think it's desirable to try to negotiate a global agreement on that.’

Despite the broader pushback, Brazil's minister of finance, Fernando Haddad, praised the commitment to future discussions. He also assured that the final communiqué would be ‘historic’ for addressing the issue of taxes on the ultra-rich.

According to Fernando, the G20 in Brazil would go down in history as a watershed moment when tax equity was finally discussed. The draft communique also acknowledges the need for more transparency between developing nations and their wealthier creditors.

G20 finance chiefs have pushed the discussions on Brazil's global billionaires tax plan to future summits. After a contentious debate this week in Rio de Janeiro, Group of twenty finance chiefs have pledged in a draft communiqué to keep discussing the proposal for a global wealth tax.

G20 finance chiefs have pushed the discussions on Brazil's global billionaires tax plan to future summits. After a contentious debate this week in Rio de Janeiro, Group of twenty finance chiefs have pledged in a draft communiqué to keep discussing the proposal for a global wealth tax. The statement promises to keep talking about ‘dialogue on fair and progressive taxation, including on ultra-high net worth individuals.’ The 2 per cent minimum tax on billionaires is what Brazil's president has used to highlight his country's achievements this year. But, the G20 pushback signals a kick down the road for those discussions. In a revised version, Brazil successfully advocated for the language's inclusion after the first document failed to do so. It now states nations would strive for a ‘fairer, more stable and efficient international tax system fit for the 21st century.’ Brazil's Lula has advocated the tax as a possible means of financing international efforts to combat hunger and climate change. However, other countries, like the United States, have questioned its feasibility. US Treasury Secretary Janet Yellen said, ‘Tax policy is very difficult to coordinate globally, and we don't see the need or really think it's desirable to try to negotiate a global agreement on that.’ Despite the broader pushback, Brazil's minister of finance, Fernando Haddad, praised the commitment to future discussions. He also assured that the final communiqué would be ‘historic’ for addressing the issue of taxes on the ultra-rich. According to Fernando, the G20 in Brazil would go down in history as a watershed moment when tax equity was finally discussed. The draft communique also acknowledges the need for more transparency between developing nations and their wealthier creditors.

Brazil's controversial global billionaires' tax plan pushed

According to a survey conducted by a wealth intelligence firm Wealth-X, the number of female billionaires, in comparison to male billionaires, increased in the year 2017.&nbsp;

The percentage growth in women billionaires last year was recorded at 18% as compared to 14.5% increase in the number of male billionaires. Women, at present, constitute 11.7% of the world’s total billionaire population.

"The fifth edition of the Wealth-X Billionaire Census reveals that billionaire wealth surged by 24% to a record level in 2017, and the billionaire population rebounded by 15% to 2,754 individuals, surpassing the previous peak of 2,473 in 2015," the report noted.&nbsp;<iframe width="560" height="315" src="https://www.youtube.com/embed/z2qWK42OGuc" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe>

Wealth-X's Billionaire Census 2018 states that there are more global billionaires than ever before. North America, which was once home to the most billionaires, has now been replaced by Asia which currently houses the most billionaires.

The report also informed that the wealth of billionaires "grew at a much faster pace than population size across all regions".

 
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Wealth-X's Billionaire Census 2018 states that there are more global billionaires than ever before

According to a survey conducted by a wealth intelligence firm Wealth-X, the number of female billionaires, in comparison to male billionaires, increased in the year 2017. The percentage growth in women billionaires last year was recorded at 18% as compared to 14.5% increase in the number of male billionaires. Women, at present, constitute 11.7% of the world’s total billionaire population. "The fifth edition of the Wealth-X Billionaire Census reveals that billionaire wealth surged by 24% to a record level in 2017, and the billionaire population rebounded by 15% to 2,754 individuals, surpassing the previous peak of 2,473 in 2015," the report noted. Wealth-X's Billionaire Census 2018 states that there are more global billionaires than ever before. North America, which was once home to the most billionaires, has now been replaced by Asia which currently houses the most billionaires. The report also informed that the wealth of billionaires "grew at a much faster pace than population size across all regions".

Number of female billionaires outpaces male billionaires: Report

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