Nearly 400 millionaires and billionaires from 24 countries have signed an open letter calling on global leaders to increase taxes on the super-rich, timed to coincide with the World Economic Forum in Davos. The letter warns that extreme wealth is buying political influence, deepening social exclusion, and worsening the climate crisis.
Signatories include actor Mark Ruffalo, musician Brian Eno, and philanthropist Abigail Disney. The letter states: 'A handful of global oligarchs with extreme wealth have bought up our democracies; taken over our governments; gagged the freedom of our media; placed a stranglehold on technology and innovation; deepened poverty and social exclusion; and accelerated the breakdown of our planet.'
A poll conducted for the Patriotic Millionaires group found that 77% of millionaires from G20 countries believe the extremely wealthy buy political influence. The survey of 3,900 people with over $1m in assets also revealed that three-fifths think Donald Trump has negatively impacted global economic stability.
More than 60% of those surveyed viewed extreme wealth as a threat to democracy, and two-thirds supported higher taxes on the super-rich to fund public services. The development charity Oxfam reported this week that a record number of billionaires were created last year, with the global total exceeding 3,000 for the first time.
Oxfam International's executive director, Amitabh Behar, said: 'The super-rich are being given complete free rein. It is beyond comprehension that the richest 1% now own three times more than the world's total public wealth combined. Governments must implement taxes on the super-rich now and prioritise reducing inequality.'
