This paper investigates the viability and implications of establishing a wealth tax policy in South Africa through a comparative analysis with France. This paper examines the development, adjustments, and outcome of the wealth tax policies in France. The paper considers the justifications for wealth taxes, emphasizing its dual potential in mitigating socioeconomic inequality and strengthening resources for social welfare endeavours. The paper furnishes applicable recommendations to inform South Africa’s potential implementation strategies for wealth tax by extrapolating insights from France’s wealth tax policies. The research took the form of a comparative analysis which involved the review of relevant existing literature. Wealth taxes can be a potent policy tool for mitigating economic inequality, fostering social equity, and raising funds for social welfare programmes. For the effective implementation of the wealth taxes, revenue collection from wealth tax, and combating tax evasion, South Africa must navigate complex challenges including administrative convolutions, compliance, and behavioural responses. To foster economic growth and retain income-producing assets while promoting a more equitable distribution of resources, a country must maintain a balance between the collection of tax revenue and investment incentives. Based on France’s history of wealth tax continuous reassessment and adaptation of wealth tax policies is important to remain responsive to evolving economic conditions and societal objectives.