The wealth tax in the Netherlands starts at $35,000 btw https://www.belastingdienst.nl/wps/wcm/connect/bldcontentnl/belastingdienst/prive/vermogen_en_aanmerkelijk_belang/vermogen/belasting_betalen_over_uw_vermogen/heffingsvrij_vermogen/heffingsvrij_vermogen … (Interestingly, the OECD will happily lie and say the Netherlands doesn’t have a wealth tax)
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it's mostly that $5m is fairly unobjectionable for most people. if you own a single family home in the bay area chances are your net worth is in the ~$3-5m range
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