Overview

• Spain’s finance ministries unveiled the initiative at the IV UN Financing for Development Conference in Seville under the leadership of María Jesús Montero, Carlos Cuerpo and Fernando Haddad.
• The proposal deepens commitments from the Seville Consensus ratified by 192 countries and the G20’s 2024 agreement in Rio de Janeiro on high-net-worth taxation.
• It highlights that the richest 1% now controls more wealth than the bottom 95% and warns that unchecked inequality undermines growth, sustainability and public trust in democracy.
• Under the pact, Spain and Brazil must draft a detailed work plan within three months and will hold periodic and at least annual in-person meetings to guide implementation.
• Partners plan to gradually expand the initiative’s membership to assess and harmonize national tax measures targeting ultra-wealthy individuals.