4 ms·

I’m actually more surprised by the number of millionaires in European countries with high income taxes that typically go north of 50% way before you hit “millio

• seanmcdirmid 4y ago
  From the list, it seems like the top 3 are Switzerland, Australia, and the USA. Switzerland has low taxes relatively speaking but also offers deals to rich people that move there. Australia is more surprising.
• ChuckNorris89 4y ago
  You're confusing wealth with income, two very different things. Those are income taxes, not millionaire taxes. Income taxes are paid by the working class, while millionaires are rich because they own valuable assets which are often tax free if inherited in most of Europe (the rent seeking class). They didn't become millionaires because they paid 50% tax on their €50k/year 9-5 job, but because someone down their family tree lucked out economically decades/centuries ago and left them a nice inheritance of appreciating assets or businesses. Wich is why most of Europe's millionaires come from wealthy old money families with inter-generational wealth that has been rolled over for centuries, often tax free. The richest families in Europe are rich since at least 50 years, to hundreds of years. The US is a lot more progressive than Europe here since it has inheritance taxes on wealth to prevent the formation of such feudal families, wile most for Western Europe has policies to protect the wealth of the old rich families.