G20 finance ministers convened in Rio de Janeiro, Brazil, but failed to agree on a global tax for the world's richest 3,000 billionaires.

The US, spearheaded by Treasury Secretary Janet Yellen, opposed the 2% levy, advocating instead for fair and progressive national tax systems.

Despite support from Brazil, France, Spain, South Africa, Colombia, and the African Union, the agreement could not be reached.

Brazilian Finance Minister Fernando Haddad noted the potential for the tax to generate $250 billion annually for global causes but acknowledged its complex implementation.

The ministers committed to future dialogues on progressive taxation for ultra-high-net-worth individuals.