Publications: Notes at the Margin

Saudi Arabia's Wealth Tax (November 13, 2017)


Saudi Crown Prince Mohammed bin Salman shook the world last Saturday when he had the Kingdom’s national police arrest over two hundred senior princes, tycoons, and other well-placed individuals on corruption charges. The government now seeks to recover monies from members of the royal family and the tycoons it views as stolen. Stancati and Said reported on the latter goal in The Wall Street Journal: "The Saudi government is aiming to confiscate cash and other assets worth as much as $800 billion in its broadening crackdown on alleged corruption among the kingdom’s elite, according to people familiar with the matter." This "wealth tax" confiscation will nearly triple the country's liquid asset, which will, among other benefits, give Saudi Arabia the freedom to move strongly to control the global oil market.


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