Number Of The Day | 120 | 28 July 2026
120 is today’s Number of the Day.
That is how many British millionaires have joined a campaign asking their government to tax extreme wealth more heavily.
Gareth Edwards and Francis Herd examine why wealthy people would demand a tax they could avoid by simply donating more voluntarily.
The difference lies in what each approach achieves.
A donation is optional. The donor decides how much to give, when to give it and where the money goes. A formal tax creates a shared obligation across everyone who meets the threshold.
The proposed measures include a 2% annual tax on fortunes above £10 million and higher taxes on capital gains.
That leads the conversation back to South Africa, where someone earning a salary can face a top marginal personal-income-tax rate of 45%, while qualifying investment gains may attract a lower effective rate.
Is the system taxing work more heavily than wealth?
The hosts also confront the risk of discouraging entrepreneurs, investment and job creation.
South Africa remains deeply unequal.
Could a carefully designed wealth tax reduce both the inequality and the anger surrounding it?
Or would the money move before government could collect it?
Catch up on all Number of the Day episodes here: https://www.enca.com/number-day-podcast
Chapter List
(00:00) Why 120 Millionaires Want Higher Taxes
(01:24) How Would a 2% Wealth Tax Work?
(02:21) Why Wealth Can Face Less Tax Than Work
(03:12) Would Higher Taxes Drive Investment Away?
(04:10) Should South Africa Introduce a Wealth Tax?