Filippo Noseda, Partner in Private Tax and Wealth Planning team, contributed to the chapter on wealth creation and preservation in Knight Frank's annual Wealth Report.
According to the report, "The pandemic has exacerbated inequalities globally. We are witnessing a “K-shaped recovery”, with industries and populations recuperating at different paces. A team at Harvard University found that between February and October 2020 in the US, workers in the bottom quartile (annual income of US$27,000 or less) saw employment drop by almost 20%, while among those making more than US$60,000 per year it rose by 1%. While only 8% of our respondents cite inequality as a direct issue affecting their clients’ wealth, it could have an impact on domestic government policy and tax issues, which 49% and 42% respectively of them do cite as a concern".
Filippo said: “We could see a shift to more wealth taxes as governments scramble to cover the huge costs of the pandemic, and targeting the wealthy tends to be uncontroversial with voters.”
He was also mentioned regarding Privacy topics: according to the report, in fact, "Governments’ desire for transparency will clash with individuals’ right to privacy, at least in the EU where privacy and data protection are fundamental rights. Filippo Noseda reckons that this will come to a head in 2021, with geopolitics a factor as well as individual rights."
Click here to read the full report and here for the article on wealth creation and preservation.
Filippo contributed to the report also in 2020.