This isn’t targeting a doctor or lawyer or some other highly paid individual earning six figures, this is targeting the truly wealthy, People hoarding generational wealth
You’re wrong. Their definition of “ultra-rich” is suggested to start at €1.25M of disposable assets. That would easily hit doctors and lawyers in EU countries.
Yeah but that’s not including a primary residence or any salary based remuneration. So if you take that into account then it’s entirely reasonable as a starting point. It also states that the calculation would be influenced by cost of living in a given country so places with HCOL would potentially be a larger amount.
Don’t forget as well, it would likely be modeled on progressive taxation therefore any tax of this nature would only apply on anything above the €1.25M proposed figure
I don’t think it’s reasonable. It’s aiming at upper middle class instead of actual, ultea-rich. Disposable assets of a million euros is far closer to the poor than the billionaires.
And I’d like to have an actual definition than hoping it’d progress from there once implemented.
You make a fair point but we can’t let perfection be the enemy of progress on this though, the stakes are too high… Better to get the movement off the ground and down politicians throats so they take it seriously. The details we can work out as it gets to the point of being taken seriously by European Parliament
I (and partner) just bought a house in that price range and we’ll have to pay it off in the next 30 years. I feel very rich for this, even though my net worth is of course still waaay below that figure.
If you can afford paying a house this price out of your pocket without a mortgage, that definitely sounds ultra-rich to me.
That being said, I think putting in that exact number might not be the best strategy to get many people to sign. I’d have aimed a higher, maybe 5M€.
People never like to be consider themselves rich, everyone always likes to think of themself as being part of the middle-class. Everyone who thinks they might at some point reach those 1.25M€ of net worth (even of mostly illusory) on top of business and residence might thinks it’s too little as a threshold.
