The G20 countries reached a consensus to collaborate on imposing taxes on the wealthiest individuals.

The announcement, made by Brazil, which is currently holding the G20’s rotating presidency, emphasized a cooperative approach to ensure effective taxation of high-net-worth individuals while respecting national tax sovereignty.

The Brazil-Arab News Agency (ANBA) reported that the statement highlighted the need for progress in this area, stating, "With full respect for tax sovereignty, we will seek to cooperate to ensure effective taxation of high net worth individuals."

The G20 finance ministers underscored that "inequality in wealth and income undermines economic growth and social cohesion and exacerbates social vulnerabilities," advocating for "effective, fair, and progressive tax policies."

Brazilian Finance Minister Fernando Haddad stressed the ethical importance of this issue, stating, "It is crucial that the wealthiest twenty countries acknowledge the problem of imposing progressive taxes on the poor instead of focusing on the rich."