The number of super-rich individuals in Germany is on the rise, according to a recent study by the Boston Consulting Group (BCG). In 2023, the number of Germans with financial assets exceeding 100 million US dollars reached 3,300, marking an increase of 300 compared to the previous year. On a global scale, only the USA and China surpass Germany, with 26,000 and 8,300 super-rich individuals respectively. The BCG's Global Wealth Report confirms once more that in Germany wealth is more unevenly distributed than average, noting that the super-rich held approximately 23 percent of the nation's total financial assets in 2023 – this has been an ongoing trend over the past years. The study's authors predict that this inequality will continue to grow, with the super-rich expected to hold around 26 percent of total financial assets in the next five years.

In light of this growing wealth disparity, the reintroduction of a wealth tax in Germany needs to be given a serious consideration. Opponents of the tax argue that it would lead to tax evasion, portraying democracy as powerless against the high concentration of wealth. However, a new analysis by Netzwerk Steuergerechtigkeit and Oxfam indicates that tax evasion is becoming less attractive and less widespread. Over the past century, Germany has strengthened its laws and measures against tax evasion, including the introduction of an exit tax and the taxation of company relocations. Recent measures, such as the rapid correction following the 2010 court ruling on the tax liability of shares in partnerships and the abolition of deferral rules in 2021, are good examples of anti-evasion efforts by the State.

Efforts to combat tax evasion have included the work of tax investigators and secret services, as well as the adoption of an international agreement on the automatic exchange of information in 2017. Data leaks and extensive journalistic reporting have also played a role. Despite remaining ongoing challenges, the high number of criminal proceedings and voluntary disclosures between 2013 and 2015, along with recent figures from Denmark, show that anonymous and tax-free assets abroad have significantly decreased.

Check out the detailed report - here.