Almost 400 millionaires and billionaires from 24 countries have signed an open letter urging global leaders to increase taxes on the super-rich, citing concerns that the wealthiest are buying political influence. The letter was released to coincide with the World Economic Forum in Davos, Switzerland.
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.'
The call comes amid growing inequality and follows a speech by Canadian Prime Minister Mark Carney at Davos, who warned that 'the old order is not coming back' and that 'nostalgia is not a strategy.' Carney's remarks, which received a standing ovation, alluded to concerns about the US administration's willingness to dismantle international cooperation.
Meanwhile, a report revealed that just 32 fossil fuel companies were responsible for half of global carbon dioxide emissions in 2024. Saudi Aramco alone emitted 1.7 billion tonnes of CO2, equivalent to the world's fifth-largest polluter if it were a country. Critics accused these firms of 'sabotaging climate action.'
In other news, stock markets fell sharply on both sides of the Atlantic amid investor concerns over Donald Trump's push for US control of Greenland. Trump is scheduled to address the Davos forum later today.
