IMF backs taxes on pandemic winners and wealthy to tackle Covid fallout

Globally, there have been calls for governments to introduce wealth taxes in response to the pandemic, but the vast majority have been reluctant to do so.

Argentina, which in December introduced a tax on its wealthiest citizens to pay for relief measures and medical supplies, has witnessed a slow response to its introduction.

According to the latest report by Forbes, the last year has given rise to 30 per cent more billionaires globally, with 86 per cent of them better off now than at the same time last year.

Tom Higgins is a freelance reporter for FTAdviser