Marc Faber : 99.9% of Americans and Europeans do not have $20M or $50M stashed away

Marc Faber : If I were running a populist government, I would go to the people and say, "The reason why your economic conditions have worsened over the last 20 years is because of the super rich. They are stealing from the people." And then I would declare that anyone with assets over $20M must pay a 50% one-time wealth tax. That can also be accomplished with an estate duty of 50%. The asset bar has to be sufficiently high, however, because 99.9% of Americans and Europeans do not have $20M or $50M stashed away. The higher the cut-off point, the more likely the voters will approve a confiscatory wealth tax. - in The Gold Report