Brasilia, April 14, 2026 (Lusa) - A study published on Tuesday by the International Fiscal Observatory indicates that Brazil has the highest concentration of wealth in Latin America, with 70 multimillionaires whose combined wealth is close to Peru’s gross domestic product (GDP).
The report from the research lab based at the Paris School of Economics, led by economist Gabriel Zucman, says half of Brazil's population has seen their wealth stagnate while the tax burden reaches about 33% of GDP.
These billionaires, who hold about $265 billion (€225 billion), have seen their wealth grow nearly seven times since 2000, reaching $556 billion (€472 billion).
"If we expand the limit for billionaires, the accumulated assets reach $556 billion, equivalent to a quarter of Brazil’s GDP. In contrast, the wealth of 50% of the population remained practically stagnant during the same period," the study says.
The report also noted Brazil has a high tax burden compared to regional standards. "Brazil collects about 33% of GDP in taxes, slightly below the OECD (Organisation for Economic Co-operation and Development) average of 34% and well above the Latin American average of 21.3%," it says.
Despite the relatively high tax burden, the report considers the system "strongly regressive". "Consumption taxes, included in the prices of goods and services, have a high weight, while those on income and wealth are relatively low. Since everyone pays the same taxes when consuming, these taxes affect a larger portion of the poorest families' income," the report says.
The report comes amid tax reforms and international debate on taxing the wealthy. Brazil's president, Lula da Silva, has promoted this topic at forums like the G20, which Brazil chaired between 1 December 2023 and 30 November 2024.
The report also analyses inequality and taxes in Argentina, Chile, Colombia, Mexico, Peru, and Uruguay, whilst also assessing different options for strengthening taxation of the ultra-rich.
The document describes Latin America as the world’s second most unequal region. The richest 10% hold about 60% of income, while half the population receives only 7%.
Latin American billionaires have seen their wealth grow significantly since 2000, reaching about $700 billion (€594 billion), while the poorest half have seen very limited growth. The region's average tax burden is 21.3% of GDP, below OECD levels. This limits public investment in health, education and infrastructure. The report also noted tax systems remain dependent on consumption and labour taxes while wealth taxation remains low, contributing to a sense of fiscal injustice. The study estimated a 2% minimum tax on large fortunes could generate about $24 billion (€20.4 billion) annually in the region, strengthening revenue and tax progressivity.
"This report presents a concrete solution to a major problem facing Latin American democracies: extreme inequality alongside tax systems that fail to properly tax those at the top. It is not a radical proposal — it is a minimum democratic standard," Zucman said in a statement.
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