More than 250 millionaires and billionaires have demanded that world leaders meeting at the World Economic Forum in Davos introduce wealth taxes to fund better public services. In an open letter titled 'Proud to Pay', they argue that such a levy would not harm their lifestyles or economic growth, but would invest in a common democratic future.
The signatories include Disney heir Abigail Disney, actor Brian Cox, Simon Pegg, and Valerie Rockefeller. The letter states: 'Inequality has reached a tipping point, and its cost to our economic, societal and ecological stability is severe. We need action now.'
A poll of more than 2,300 wealthy individuals from G20 countries, conducted by Survation for campaign group Patriotic Millionaires, found that 74% support higher wealth taxes to tackle the cost of living crisis and improve public services. Some 58% backed a 2% tax on those with over $10m.
Riverford founder Guy Singh-Watson said: 'This poll shows the whole world, including the richest people, wants to tax the super-rich. Where is the leadership from our elected representatives?' The Trades Union Congress suggested a 1.7% wealth tax on the 140,000 richest people in the UK could raise over £10bn.
The richest 250 families in the UK hold £748bn, according to the Sunday Times rich list, including Prime Minister Rishi Sunak and his wife with £529m, and the Duke of Westminster with £9.9bn. Actor Brian Cox warned: 'We are living in a second Gilded Age. Billionaires wield extreme wealth to accumulate political power. It's long past time to act.'
