The leaders of the G20 countries pledged to collaborate on imposing effective taxes on the wealthiest of the wealthy, an initiative strongly supported by the left-wing Brazilian president Luiz Inácio Lula da Silva, who hosted the summit.

In a joint statement issued on Monday at the conclusion of their summit in Rio de Janeiro, the leaders confirmed that they would seek, while fully respecting financial sovereignty, to cooperate in ensuring the imposition of effective taxes on the wealthiest individuals, according to AFP.