Nearly 400 millionaires and billionaires from 24 countries have called on world leaders to impose higher taxes on the ultra-rich, warning that extreme wealth concentration is undermining democracy, deepening inequality and fueling global instability.
An open letter published on the sidelines of the World Economic Forum in Davos calls on political leaders to act decisively to close what it describes as a widening gap between the super-rich and the rest of society.
Global elites demand wealth tax reforms
The signatories – nearly 400 wealthy individuals from across Europe, the Americas, Asia and Africa – argue that extreme wealth is now reshaping political systems and public life.
The letter, signed by figures including Mark Ruffalo, Brian Eno and Abigail Disney, argues that excessive private wealth undermines democratic institutions and public trust, the Guardian reported.
It states that extreme wealth is polluting politics, fueling social exclusion and fueling climate emergency.
“Extreme wealth pollutes politics”
The letter delivers one of its starkest warnings in a strongly worded passage:
“A handful of global oligarchs with extreme wealth have bought our democracies, taken over our governments, silenced our media freedom, stifled technology and innovation, deepened poverty and social exclusion, and accelerated the decay of our planet,” it says.
“What we value, rich and poor alike, is being eaten away by those intent on widening the gap between their enormous power and everyone else.
“We all know it. When even millionaires like us admit that extreme wealth has cost everyone else everything else, there can be no doubt that society is teetering dangerously on the edge of the abyss.”
WEF Davos summit targeted campaign
The timing of the letter is designed to maximize political pressure as global leaders, business executives and politicians gather for the annual summit in Davos.
Signatories say Davos has become a symbolic arena for global inequality, where elite decision-makers meet amid growing public anger over wealth concentration, rising living costs and democratic erosion.
Millionaires warn against buying political influence
The letter is backed by new survey data that highlights growing concerns among wealthy citizens themselves.
A survey conducted for the group Patriotic Millionaires found that 77% of millionaires in the G20 believe that extremely wealthy individuals buy political influence.
The survey of 3,900 people with more than $1 million in wealth (excluding assets) also found that:
Three-fifths believe that Donald Trump has had a negative impact on global economic stability
- More than 60% consider extreme wealth a threat to democracy
- Two-thirds support higher taxes on the super-rich to fund public services
- Only 17% are against such a tax increase
Richest political leadership in US history
Following his re-election, Donald Trump assembled the richest cabinet in US history, with an estimated combined net worth of $7.5bn (£5.6bn) as of August last year, according to Forbes.
Activists say this concentration of wealth in political leadership structures reinforces the perception that governments are increasingly shaped by elite financial interests rather than the needs of the public.
The billionaire population is reaching record levels
Development charity Oxfam announced this week that the number of billionaires worldwide has passed the 3,000 mark for the first time, following a record rise in billionaire wealth last year.
Amitabh Behar, Executive Director of Oxfam International, said:
“Last year, the increase in billionaire wealth was unprecedented.
“The super rich are getting a free hand. It is incomprehensible that the richest 1% now own three times more than the total world public wealth combined.”
“It’s a scathing indictment that illustrates how absurd the gap between the oligarchs and the rest of humanity now is. Governments must now tax the super-rich and prioritize reducing inequality. The world cannot continue on this obscene trajectory.”
