Among the Latin American countries, Mexico is the one with the highest concentration of wealth in fewer hands and one of the economies that are reluctant to re-launch property taxes, shows a new report from the Latin American Network for Economic Justice and Social (Latindadd).
According to the organization, as of May 14 billionaires in Mexico concentrated $ 150.7 billion in wealth. The average of 10.8 billion dollars for each one is above any other country in the region and is even more than double that of the average for Latin America.
With data from Forbes and real-time updates of the world’s largest wealth, Latindadd shows that as of May 2021, in Latin America there were 107 billionaires and together they accumulated 480 billion dollars.
Although, Brazil is the country with the highest number of people with a high concentration of wealth, 228 thousand 700 million dollars that are distributed among 66 individuals; Mexico has four times fewer billionaires, but the average wealth accumulated by each of them is 210 percent higher than in the region’s largest economy.
This elite in Mexico also has an average wealth greater than in other economies in the region such as Chile, Colombia, Argentina, Peru, Venezuela, and Saint Kitts and Nevis, reports the report on the situation and progress in the region: Taxes on wealth and great fortunes in Latin America.
Latindadd has argued that given the health and economic crisis caused by the Covid-19 pandemic, it is necessary to impose a wealth tax in 20 countries, which has the potential to raise $ 26.504 million a year.
He emphasizes that globally, the great billionaires have seen their total fortunes increased by 5.5 billion dollars since the beginning of the pandemic until August 2021; going from eight to 13 trillion dollars. The fact that reflects an accumulated gain of 68 percent, just in the most severe confinement periods.
The organization reports that, according to the United Nations Development Program, the wealth of billionaires in Latin America has grown more than 40 percent since the pandemic began.
According to Forbes listings, as of March 2020, there were a total of 76 billionaires with a combined net worth of $ 284 billion in Latin America; by May 2021 there were 107 billionaires with a combined wealth of 480 billion.
Latindadd shows that in Argentina, Bolivia, Chile, Colombia, Costa Rica, Peru, and Uruguay there are wealth taxes or initiatives that hope to tax wealth, derived from the situation that brought about the Covid-19 pandemic, but there is no transcendent advance to the respect in the economy with the wealthiest billionaires in the region, Mexico.