In affluent democracies, a broad rise in wealth concentration since the 1980s has not been accompanied by a broad rise in wealth taxation. As a large literature points out, conditions such as growing financialization, tax competition and tax avoidance have all curtailed the ability of left governments to tax wealth. This article argues that, despite the global constraint on taxing wealth, as left governments continue to influence wealth concentration and more advanced economies enter an era of slowing population growth, financial wealth of the rich tends to gain at the expense of (more equal) housing wealth. In response, left governments increase taxes on financial assets relative to housing wealth. By contrast, when population growth is still high, left subtly by adjusting the relative difference by which different types of wealth are taxed. In particular, as governments tax housing wealth more heavily instead. These predictions are tested using data from 15 to 16 advanced economies (1970–2015).