In a bold move, nearly 400 millionaires and billionaires from 24 countries have come together to demand higher taxes on the super-rich. The open letter, released to coincide with the World Economic Forum in Davos, calls on global leaders to address the widening gap between the wealthiest and everyone else.
Signatories include renowned figures such as actor and filmmaker Mark Ruffalo, musician Brian Eno, and philanthropist Abigail Disney. The letter paints a stark picture, stating that “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 letter comes amid growing concerns that the super-rich are wielding undue influence over the political process. A poll conducted for the Patriotic Millionaires group found that 77% of millionaires from G20 countries believe extremely wealthy individuals are able to buy political influence.
Furthermore, the survey of 3,900 people with over $1 million in assets (excluding their homes) revealed that three-fifths believe former US President Donald Trump had a negative impact on global economic stability. This was before Trump threatened new tariffs against European countries if a deal to acquire Greenland was not reached.
More than 60% of those surveyed expressed concern that extreme wealth poses a threat to democracy. Two-thirds supported higher taxes on the super-rich to invest in public services, with only 17% opposed.
The call for action comes as Oxfam reported a record number of billionaires were created last year, taking the global total to more than 3,000 for the first time. Oxfam’s executive director, Amitabh Behar, stated that “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 heed the warning and implement taxes on the super-rich to prioritise reducing inequality, the letter argues. The world cannot continue on this “obscene trajectory” where the gulf between oligarchs and the rest of humanity continues to widen.