Wealthy people continue to reside in Spain as a tax resident subject to a wealth tax on global assets. It clearly works to raise tax revenue versus “meaningless line goes up.”

There might be a little more going on with Spain's (and the US's) economy than just Wealth Tax.

Are you implying a wealth tax stunts GDP? I'd love to see some evidence and thought behind that implication rather than a cheeky quip.

There's tons of research showing that excessive taxation drives wealthy people out and shrinks the economy. France tried it and reversed course when it was a disaster economically.

The UK is currently experiencing an exodus of wealthy taxpayers due to high tax burdens.

If you want to kill your economy, the fastest way to do so is by ripping off those who employ most of the economy through their business ventures.

https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.34.2.119