Below is the new economic story in which we repair the errors of our current economic story with three additional rules:

1. Tackle extreme wealth.

A super rich tax with a tax of 30% on capital above 10 million euros ensures that all extreme assets are reduced to a maximum of 10 million euros in the long term.

The goal is not to collect more tax, but to create more owners. An economy with one billionaire is much less efficient than an economy with 100,000 rich with 10 million. When I talk about a super rich tax, people often immediately think of tax revenues for the government. How much money does this make? Can we reduce the national debt? Can we afford better schools and hospitals? These are all relevant questions. But they do not touch the main objective of my proposal. My main goal is not that the government gets more money. My main goal is that more and more people become the owners of our joint economy.

Let me explain that. Extremely large assets usually do not consist of huge amounts of money in a bank account. They consist largely of shares, companies, real estate and other assets. When someone has to pay an annual wealth tax, it may become necessary to sell part of those assets. Suppose a billionaire has to sell part of his shares. Those shares do not disappear. The companies do not disappear. The factories are not disappearing. The employees do not disappear. What changes is the property. The shares get new owners. These can be private investors, pension funds, employees, entrepreneurs or other investors.

Of course, a wider distribution does not automatically occur. When only other billionaires buy these shares, little changes in capital concentration. That is why a super-rich tax must go hand in hand with policy that enables many more people to be financially able to build property themselves. For example, by reducing the tax on labor, allowing employees to share in shares more often and increasing collective investment opportunities. Then something fundamental can change. The goal is no less wealth, but less extreme owners and many more people who own something

2. Make profit fairer.

Company profits above 5 million euros can no longer go almost entirely to shareholders. At least 50% of that profit is shared with employees, the people who create that value together.

3. Do it together, otherwise it will not work.

The world economy has become international, while our tax policy is largely nationally organized. Large assets can be moved relatively easily internationally. That is why it is not sufficient if only the radical super rich tax is introduced nationally. Very wealthy people could then try to relocate their assets or fiscal residence.

The newly balanced world therefore requires international cooperation. That is not easy. But major social changes have rarely been easy. The most important thing is that enough people first understand why this change is necessary. Because only when the new story is endorsed by enough people does the political opportunity to actually implement it arise. If the largest Western countries jointly introduce these rules, a healthier economy and a better world will arise. Only then can we structurally reduce poverty and tackle environmental problems in a sustainable way.