> France is an interesting example. I believe their wealth tax targeted more than just the super rich and it led to a heavy exodus of millionaires from France. Also by not having an exit tax, it was easy enough for people to leave France to avoid this.

It probably wouldn't work that way in the US, since it has an exit tax and it also taxes income globally regardless of where you currently reside (and I'd imagine any wealth tax would work similarly).

If I'm not mistaken, Switzerland the wealth tax hits everyone as well. The starting is something like 200K CHF. That said, the actual percentage is very low, like 0.2%. Having read a few bits of the Swiss tax code, I'd actually prefer to have this wealth tax like that over a cap-gains tax, since it would overall be a lower percentage of my capital asset appreciation than a CGT.