Calls to tax billionaires are growing. Is there a better way to tax the rich?

Should billionaires pay more tax? In the United Kingdom, economists recently called for a net wealth tax on assets over £10 million (about A$19 million). The same question confronting other countries applies here too: should people with extraordinary wealth contribute more tax, and if so, what’s the best way to achieve it? How do billionaires accumulate wealth? To answer that question, it’s first important to understand that people with substantial wealth accumulate it differently from most Australians.