IN 2020, as the world convulsed under Covid-19 and the global economy faced its worst recession since World War II, billionaires saw their riches reach new heights. Forbes, which tracks publicly known fortunes, estimated billionaires had gotten 20% richer in 2020 by mid-December. Inquiries in such strategies tripled during the first seven to eight months of the pandemic, according to Cain, who works for US-based wealth advisory Boston Private. The number of calls from US-based clients surged 206% in 2020 from the prior year. Yet for UK-based millionaire Gary Stevenson, a former trader at Citibank, any plan to tackle inequality must include a wealth tax.

Source: The Star March 25, 2021 21:54 UTC