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The best response to Trump's trade threats is what I call tariffs for oligarchs. This means creating targeted taxes on large U.S. multinational corporations operating worldwide, as well as on their super-rich owners.

Zucman, who is also director of the EU Tax Observatory, has proposed creating a 2% annual wealth tax on all of the world's 3,000 or so billionaires, which could generate around $250 billion in new revenue for governments to invest in health, education and infrastructure.

Quentin Parrinello explains to elDiario.es that "the idea is that countries could condition market access for foreign multinationals and billionaires", forcing them to pay what is fair.

"In the short term, this has no effect," says Quentin Parrinello, Policy Director of the EU Tax Observatory.

Since 2022, Russian nationals have bought up £4.8 billion in properties in Dubai that are either existing or being developed, according to economists with the EU Tax Observatory and Norway's Centre for Tax Research.

Zucman's proposal, which targets just under 3,000 of the richest people in the world, would generate revenues of around NOK 2,000 billion a year.

According to Quentin Parrinello, director of the European Tax Observatory, an independent research laboratory based in Paris, the aim of the OECD reform is to “put everyone on the same level.”

Zucman has already spoken several times at summits of the most powerful industrialized countries and argued there for his idea of ​​a global wealth tax for billionaires of two percent.

However important work by Zucman, an economics professor, and the EU Tax Observatory, a research institute based in Paris, casts significant light on the low levels of income tax paid by the very wealthiest.