At the Assemblée nationale in Paris, ICRICT Co-chair Joseph Stiglitz dismantled a persistent myth: that higher taxes push billionaires to leave.

Speaking alongside fellow Co-chair Jayati Ghosh and Commissioner Gabriel Zucman, Stiglitz recalled how one American billionaire moved to Puerto Rico — where residents can legally pay just 4% tax — but soon returned to New York. The reason, he explained, was simple: family, business, and community ties outweighed the lure of a lower tax rate.

This story mirrors a wider truth: the threat of capital flight is often overstated. The wealthy remain deeply rooted in the societies where they built their fortunes — and those societies deserve their fair contribution.