When examining the flow of wealth in the coming decades, privately wealthy individuals rest in a very healthy position. Their assets have increased in value, their portfolios have performed well, and many are looking to the generations above them for a significant windfall of cash set to come from inheritance.

Governments, with their eye-watering debt burdens and expensive borrowing costs, are eyeing that wealth—and they want in.

Policymakers have leveraged private wealth in the past to pay their way, UBS chief economist Paul Donovan recently told media at a roundtable discussing the economic outlook for 2026—but the question is whether they will use a carrot or a stick to drum up revenue from individuals.

As such, some may prove more popular than others. Donovan said last week: “Govern

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