Gabriel Zucman

speaker

485 appearances 1 recordings 1 series first heard Jul 2026 last heard 12 Jul

Gabriel Zucman’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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The Rest Is Politics: Leading · 197. The Billionaire Tax Debate (Gabriel Zucman) · 12 Jul 2026 podcast

What's interesting is that

It's both very big in terms of potential tax revenue, but it's also really tiny relative to the wealth of the billionaires or the explosion of their wealth, because over the last two years, their wealth has increased 150%, right?

So you take 5%, absolutely nothing is going to change for them, but it will make a big difference for the state of California, 14 million people.

Wealth is the value of everything that you own

financial assets and non-financial assets, net of debts.

So it includes everything.

It includes, for billionaires, primarily its shares in companies, its equity in the businesses that they own.

For the super rich,

There is sometimes this view that wealth is very complicated, but the reality is that it's quite simple.

About half of it globally, and in the UK in particular, corresponds to shares in publicly listed companies that are listed on the stock market.

So very clear, observable value.

And most of the rest corresponds to shares in big private companies.

But because we're talking about billionaires, these are going to be large corporations, not listed on the stock market, but very complicated to value because we know how to value big companies.

We look at how similar businesses that are listed on the stock market

of value by the stock market.

And let me just finish by saying that, of course, there is a bit more than that.

So, for instance, the billionaires, they have paintings, the Picassos, the yachts and crypto.

All of that exists.

But first, it's only a small fraction of their wealth.

And second, even those

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