In a previous piece I posed the question ‘who will pay for the world’s coronavirus bill?’ In it I posed the hypothesis that whilst some countries would target the very wealthiest through higher taxes, others might seek to do the opposite - by introducing or strengthening regimes designed to attract the very wealthiest.

Those regimes might be tax-based, using the UK’s resident non-domiciled regime or Italy’s lump sum tax regime as inspiration, or might be immigration based, using the lure of visas and passports to attract the wealthy to their shores.

Since then the US has demonstrated further evidence of its intention to go down the former route, with more concrete proposals for tax rises across a whole range of areas. Meanwhile Hong Kong has introduced a zero tax regime for carried interest, using low taxes as a means to position itself as the destination of choice for private equity funds and executives.

You might be forgiven for assuming that the New Zealand Government of Jacinda Arden would be more likely to opt for the former approach, aligning itself with the Biden administration. However, in the post-Covid world, assumptions are more dangerous than ever.

Hence the announcement this week by Economic Development Minister Stuart Nash that the Government will actively seek to court "wealthy investors" through reforms to its immigration rules, in a speech light on detail but setting out a clear direction of travel.

They are not alone. In the UK, the non-dom regime and investor regime look to be more secure than for many years. The Italian and Portuguese regimes are now firmly bedded in and attracting the wealthy in greater numbers. 'Golden visa' schemes exist across the globe and continue to thrive.

Few would disagree with the notion that the wealthy must pay their fair share, now more than ever. But agreeing what 'fair share' means, and the practical difficulties of implementing tax rules in a world of ever-increasing complexity, are far harder. The world's wealthiest are more mobile than ever before, and the effect of lockdowns has made many re-assess where they want to live and work - and to consider moving.

The battle to attract the world's wealthiest is on.