The researchers analysed data from 59 low- and lower-middle-income countries between 2002 and 2021 and modelled ten redistribution policies capable of compensating for drastic cuts in official development assistance. The authors then estimated what could happen between 2026 and 2030 if taxes on concentrated wealth were used to prevent essential health and development programmes from being dismantled. The most striking result concerns an annual 3% tax on ultra-high-net-worth individuals. According to the model, it could avert approximately 29.5 million deaths by 2030, including almost 3.5 million deaths among children under five; even the lower bound of the uncertainty interval exceeds 20 million lives.
The study does not propose abolishing billionaires, much less imposing Robeyns’s €10-million ceiling. Someone with €10 billion would retain €9.7 billion after paying a 3% tax, hardly a descent into poverty. A society that protects the last 3% of a billionaire’s fortune while accepting the destruction of programmes on which millions of lives depend is not defending freedom or rewarding merit. It is declaring that the limitless accumulation of the ultra-rich matters more than the survival of the poor. Extreme wealth is therefore not a harmless private achievement, refusing to tax it can carry a potentially enormous and now quantifiable human cost.
PS - In March 2024, in Carbon Manslaughter: Holding Billionaires Accountable for Their Role in Accelerating Climate Catastrophes, I argued that the extravagant carbon emissions of billionaires can transform extreme wealth into a form of manslaughter. The new Lancet study now exposes a second potential body count: not from the carbon the ultra-rich emit, but from the millions of people who could be kept alive with a tiny fraction of the fortunes our societies, through political cowardice, institutional complicity and moral bankruptcy, consider untouchable.