Global 'billionaires tax' could raise €236bn, report finds

Billionaires pay far less tax than ordinary citizens relative to their income, and in many countries use personal holding companies to avoid income tax at the "border of legality" — but no serious effort has been made to address the situation, says a new report by the EU Tax Observatory.

So far, effective tax rates on the wealth of the world's richest have remained very low [at 0-0.5 percent].