Global Billionaires Urge Higher Taxes on Wealth at World Economic Forum

At the annual World Economic Forum in Davos, Switzerland, more than 250 of the world’s wealthiest individuals, spanning 17 countries, have penned an open letter urging political leaders to introduce higher taxes on extreme wealth. The signatories, under the banner “Proud To Pay More,” include prominent figures like Abigail Disney, Simon Pegg, and Valerie Rockefeller.

Expressing surprise at the lack of response over three years to their simple question—when will extreme wealth be taxed—the letter emphasizes that taxing the very richest will not significantly alter their standard of living, harm economic growth, or deprive future generations.

“We ask you to tax us, the very richest in society. This will turn extreme and unproductive private wealth into an investment for our common democratic future,” the letter states.

The move follows a recent warning from Oxfam, revealing that the world could see its first trillionaire within a decade, while the five richest men globally have more than doubled their wealth since 2020. Oxfam also highlighted that, if current trends persist, poverty won’t be eradicated for another 229 years.

“Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy,” warns Brian Cox, a signatory and actor known for his role as fictional billionaire Logan Roy in HBO’s “Succession.” He emphasizes the urgent need for action, stating that if officials refuse to address wealth concentration, the consequences will be dire.

A poll conducted by Survation on behalf of “Patriotic Millionaires” accompanies the open letter, revealing that 74% of respondents among the world’s wealthiest 5% support higher taxes on wealth to address the cost-of-living crisis and improve public services. Additionally, three-quarters of respondents back a 2% wealth tax on billionaires, with 54% considering extreme wealth concentration a threat to democracy.

Abigail Disney emphasizes the historical consequences of extreme discontent and the rising global trend of populism, urging elites at Davos to take the crisis seriously and implement measures to tax extreme wealth.