The few investigations following the aftermath of the Panama papers recovered a couple of billion dollars after several years of investigation.

The estimated evasion _in_the_EU_ using these off-shoring vehicles in Panama is around 100 to 200 billion. [0]

The 2023 Defense spending of the entire EU member states was about 270 billion.

What will happen is income taxes will increase for high earners who cannot evade income tax. And the 'super' rich will continue to own nothing on paper.

[0] https://www.europarl.europa.eu/cmsdata/116947/20170412_panam...