Nearly 400 wealthy individuals call for higher taxes on the super-rich
Signatories, including Mark Ruffalo, Brian Eno, and Abigail Disney, said extreme wealth is “polluting politics,” driving social exclusion, and worsening the climate emergency
Nearly 400 millionaires and billionaires from 24 countries have signed an open letter urging global leaders at the World Economic Forum in Davos to increase taxes on the super-rich.
Signatories, including Mark Ruffalo, Brian Eno, and Abigail Disney, said extreme wealth is "polluting politics," driving social exclusion, and worsening the climate emergency, says The Guardian.
The letter warns that society is "teetering off the edge of a precipice" as a small group of global oligarchs has effectively bought up democracies and taken over governments. It cites concerns over political influence, threats to stability, and control over media and technology.
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A poll of millionaires in G20 countries found that 77% believe extremely wealthy individuals buy political influence, and more than 60% view extreme wealth as a threat to democracy. The letter also highlights the impact of former US President Donald Trump, stating that three-fifths of respondents believe he "has negatively impacted global economic stability."
The advocates argue that concentration of wealth has "cost everyone else everything else," contributing to deepened poverty, social exclusion, and a worsening climate crisis. They also said the super-rich have "gagged" media freedom and placed a "stranglehold" on technology and innovation.
The movement is supported by data from Oxfam, which reported that the number of billionaires reached a record high of over 3,000 last year. Oxfam said the richest 1% now own three times more than the world's total public wealth combined. Amitabh Behar, Oxfam's executive director, described the situation as an "obscene trajectory" and urged governments to prioritize reducing inequality through immediate taxation of the super-rich.
Two-thirds of the millionaires surveyed support higher taxes to invest in public services, while only 17% remain opposed. The letter says this approach is essential to close the widening gap between the extremely wealthy and the rest of society and to save the "old world order" from breakdown.
