I’m not clear on how exactly a person is expected to calculate their wealth in the first place. If someone has assets in the form of stocks, mutual funds, real

I’m not clear on how exactly a person is expected to calculate their wealth in the first place. If someone has assets in the form of stocks, mutual funds, real estate, gold, bonds, bank accounts and so on, how are they supposed to track these and come up with “this is the value of my assets and hence X% of that for the tax equals Y”? Which day’s values should they take and which currency conversion rates should they consider (if their assets are spread across currencies)? How would a tax agent check if the declared numbers are correct or close to being correct or are under reported? It’s easy to tax income and expenditure because those happen at specific points in time and have a specific value. But wealth could vary every second throughout the year. It could also fluctuate a lot over the course of a tax year. Taxing the peak value in a year won’t go well, and could possibly push people to move their residency (and tax resident status) to other places (thus losing out on consumption taxes to some extent).