Three Australian millionaires have joined nearly 400 global millionaires and billionaires in signing an open letter urging governments to increase taxes on the super rich. The letter, released to coincide with the World Economic Forum in Davos, argues that extreme wealth is polluting politics, driving social exclusion, and exacerbating the climate emergency.
Dick Smith, Graham Marr, and Richard Barnes are the only Australians among the signatories. Smith, who has given away more than $90 million with his wife, said a wealth tax would “benefit us greatly”. He noted that about 30% of Australians live pay cheque to pay cheque, and proposed that the top 1% should pay 15% more tax, bringing the top rate to about 60%.
Graham Marr, who amassed wealth through executive roles in tech, said Australia’s 48 billionaires hold more wealth than the bottom 40% of the population, approximately 11 million people. He argued that a 5% wealth tax could raise around $17 billion annually for childcare, housing, and healthcare. Marr also highlighted that wealth disparities amplify elitism and provide greater access to lobbying and political donations.
Richard Barnes, a retired anaesthetist with $5 million in assets, said about 150,000 Australians are similarly wealthy and could contribute more to public revenue. He advocates for a more progressive income tax system, tightening the 50% capital gains discount, and introducing an inheritance tax. Treasurer Jim Chalmers has ruled out an inheritance tax but hinted at changes to capital gains tax.
According to an Oxfam report, eight new Australian billionaires have been created since 2020, bringing the total to 48, with their wealth increasing by an average of nearly $600,000 per day.
