In NZ the normal way is Comparative Value which taxes the increase in market value when you sell.

Fair Dividend Rate isn't a wealth tax. It's a frankly bullshit option rich people can use when their investments do really well to cap the tax owed to 5% of the starting market value.

Hatch explain it a bit here: https://www.hatchinvest.nz/learn-articles/tax-50000-fif