In a bold move, hundreds of millionaires and billionaires have signed an open letter calling for higher taxes on the super-rich. The statement, signed by high-profile figures including Oscar-nominated actor Mark Ruffalo and musician Brian Eno, warns that the extremely wealthy are having a negative effect on the world.
Timed to coincide with the World Economic Forum in Davos, Switzerland, the letter argues 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 campaign, organised by Patriotic Millionaires, Millionaires for Humanity and Oxfam, has a simple message for the forum: the wealthiest need to pay more. Without naming names, the letter raises concerns that the undue influence of the wealthiest in society is putting the world on an “obscene trajectory”.
Oxfam International’s executive director, Amitabh Behar, stated: “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.”
The letter calls on global leaders to close the widening gap between the super-rich and everyone else. “Governments must implement taxes on the super-rich now and prioritise reducing inequality,” it states. “The world cannot continue on this obscene trajectory.”
The letter comes as the World Economic Forum in Davos draws global attention, with over 3,000 people, including a record 60 world leaders, gathering to discuss business deals and politics. The presence of US President Donald Trump, himself a billionaire, has also been a focus of attention due to his threats to seize Danish territory Greenland and impose tariffs on allies who don’t back him.