Why Hong Kong and Singapore should tax wealth more

In recent weeks, the finance ministers of Hong Kong and Singapore delivered their budget statements for the coming financial year. Both statements were notably silent on wealth taxes, an issue that has attracted growing attention in the United States and Europe in the decade since the global financial crisis. Hong Kong and Singapore were very much part of the international consensus in the late 1990s and early 2000s that viewed lower taxes on capital as necessary for attracting wealthy…