SA's US dollar millionaires back 2% wealth tax - Oxfam survey

A new Oxfam-backed survey has revealed that most of South Africa’s US dollar millionaires support the introduction of a 2% wealth tax to help tackle inequality.

The study, which surveyed nearly 600 high-net-worth individuals with assets exceeding R17 million, challenges the perception that the wealthy oppose higher taxation.

"The reason why we put this study together was because we wanted to get a clearer sense of how wealthy South Africans themselves feel about inequality, and whether they see a role for fairer taxation in fixing it," explains Bagherioromi.

"There's often an assumption that rich people are always against higher taxes, but what we found really challenges that idea. Many actually recognise that inequality has become too dangerous for South Africa, and they're open to being a part of the solution.

"The largest percentage of people who are willing to be taxed an extra 2% on their wealth want to contribute further to quality education in the country, to further social protection and climate justice.

"Taxing the super-rich isn't about taking away or punishing success, it's about building back trust, opportunity and stability in the country. Even the wealthiest in South Africa are saying that they're willing to pay a bit more for the greater good. That's something we should really pay attention to, and it's a sign that the country is really ready to move from division to solidarity, and that's a good thing."

Bagherioromi added that the findings come at a pivotal time as South Africa assumes the G20 presidency (the first African nation to do so), giving the country a chance to lead on fair taxation.

To listen to Bagherioromi in conversation with Kgomotso Modise on 702's Drive with John Perlman, click below: