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 polluting politics, driving social exclusion, and fuelling the climate emergency.
Signatories include actor Mark Ruffalo, musician Brian Eno, and film producer 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 extremely wealthy individuals buy political influence. The survey of 3,900 people with over $1 million in assets also found that three-fifths think Donald Trump has had a negative impact on global economic stability, and more than 60% are concerned that extreme wealth threatens democracy.
Two-thirds of those surveyed supported higher taxes on the super-rich to invest in public services, with only 17% opposed. The development charity Oxfam reported this week that a record number of billionaires were created last year, taking the global total to over 3,000 for the first time.
Oxfam International's executive director, Amitabh Behar, said: 'Last year the rise in billionaire wealth was unprecedented. 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.'
