The World Bank Group’s ‘The Changing Wealth of Nations’ counts the value of urban land as “produced capital”, not “natural capital”. Your argument that the value targeted by LVT is only 6% of global wealth is therefore wrong, as are all arguments that are downstream of it.
From ‘The Changing Wealth of Nations 2021’, page 28: “Produced capital and urban land: machinery, buildings, equipment, intangible wealth such as intellectual property and mineral exploration, and residential and nonresidential urban land. (For the sake of brevity, the term produced capital is used to include produced capital and urban land.)”
Thanks, I appreciate the update.
13% of total wealth isn’t anything to shrug off, if you ask me. Especially given that cuts to other, more distortionary taxes, is likely to flow through into increased land rents by some positive amount. (See intra-Georgist debates around EBCOR/ATCOR).