Wealth Tax
A tax on an individual's total net worth or assets.
A wealth tax is a levy on the total value of a person's assets, including cash, bank deposits, real estate, shares in businesses, and personal property. Unlike income tax (which taxes earnings), wealth tax is assessed on what you own. Only a few countries currently impose wealth taxes, including Switzerland, Norway, and Spain. The tax is typically a small percentage (0.5-2.5%) applied annually to net worth above a certain threshold.