Set against Italy’s sovereign debt of more than 150% of gross domestic product, Italian families preside over veritable goldmines. Italian wealth is split fairly evenly between financial instruments — including Italian sovereign bonds and US Treasuries — and real estate, according to Bank of Italy data. A wealth tax could also hollow out the middle class, the main support of mainstream politicians. Italian wealth is also illusory. A wealth tax could have helped but that time has passed.

Source: Washington Post June 22, 2022 11:34 UTC