Wealth held by the richest 1% of Belgium's households increased by €22 billion in the space of a year, according to an analysis of European Central Bank data by the left-wing PTB-PVDA, which is renewing its call for a millionaire tax.
The party's research department analysed the latest wealth figures published by the European Central Bank on 24 August and calculated that the richest 1% collectively gained €22 billion over the past year.
According to the party, this amounts to an average increase of €423,409 per household among the richest 1%, roughly equivalent to the price of a home.
The party said the group's wealth has been growing twice as fast as the Belgian economy, while the wealth held by the poorest half of the population has been losing purchasing power.
PTB-PVDA General Secretary Peter Mertens contrasted the figures with the Federal Government's efforts to reduce public spending, arguing that the burden of consolidation was falling disproportionately on workers, people on long-term sick leave and pensioners.
"Half the population is losing purchasing power," Mertens wrote on the party's official website. "Do they really want to turn to ordinary people again, for whom life is constantly becoming more expensive, and energy prices are rising?"
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Renewed call for millionaire tax
The findings have prompted the Marxist party to renew one of its longstanding proposals: a tax targeting the wealthiest 1% of the population.
PTB-PVDA wants such a tax to raise at least €8 billion, which it argues could be invested in public services, social policies, research and the energy transition.
"For years, the PTB-PVDA has been insisting on taxing wealth fairly," Mertens wrote. "We now need a real millionaire tax. A tax that targets only the richest 1% and allows no loopholes."
The party argues that introducing such a tax should not be used to justify austerity measures elsewhere, including higher VAT or further cuts to healthcare, education, climate policies and public services.
The figures come as Prime Minister Bart De Wever's (N-VA) Federal Government continues efforts to bring Belgium's public finances under control.
Mertens argued that concentrating further budget measures on households would weaken purchasing power and, in turn, economic growth. "A different policy is necessary and possible," he concluded.
