It’s time for centibillionaires to help pay the cost of Covid


In a dramatically unequal society, a one-off wealth tax provides a clear and decisive route to balancing the Treasury’s books

Even before the coronavirus pandemic struck, the divisions between the super-rich and the rest of society were growing increasingly extreme. But as the virus infects the world economy, plunging millions into unemployment and pushing finances to breaking point, those divisions are set to get worse.

Last week, Mark Zuckerberg’s fortune passed $100bn (£76bn) for the first time, adding him to an exclusive club of the world’s centibillionaires, after Facebook’s shares surged on news it was to launch a rival to the video-sharing app TikTok.

History suggests wealth taxes can help repair government finances while promoting inclusive growth for the future

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