Millionaires come together to ask for ultra-rich to be taxed more

Most millionaires and billionaires in G20 countries think extreme wealth is ‘threat to democracy’

Most millionaires and billionaires in G20 countries support paying higher taxes on their wealth and almost half think extreme wealth is a “threat to democracy”, according to a survey.

According to a survey by the Patriotic Millionaires, some of the world’s richest people have concerns about the potential dangers of extreme wealth concentration and it’s effect on democracy.

As many as 250 millionaires signed an open letter demanding world leaders increase their taxes for the political leaders attending the World Economic Forum in Davos.

The letter, titled Proud to Pay More, has asked world leaders at Davos to urge the richest in society to turn extreme and unproductive private wealth into an investment and address the various economic crises in the countries.

The ultra-rich from 17 countries, including director Abigail Disney, actors Brian Cox and Simon Pegg, Valerie Rockefeller, Austrian heiress Marlene Engelhorn, and Riverford founder Guy Singh-Watson, have called to be taxed more.

“This poll seems to show that the whole world, including the richest people, wants to tax the super rich,” British farmer and entrepreneur, Mr Singh-Watson said.

“We, the very richest, are sick and tired of inaction, so it’s hardly surprising that working people, at the sharp end of our rigged economies, have lost all patience.”

The letter stated that the “inequality has reached a tipping point” and its cost to economic, economic, societal, and ecological stability risk is severe.

“If elected representatives of the world’s leading economies do not take steps to address the dramatic rise of economic inequality, the consequences will continue to be catastrophic for society,” it said.

Marlene Engelhorn, Austrian inheritor and co-founder of taxmenow said the year 2024 “could be the beginning of real change if the G20 got serious about raising more taxes from people like me”.

“With rising populism and seam-bursting wealth walking hand in hand, we cannot afford another year of economic neglect without further peril to democracy.”

The survey, conducted by Survation on behalf of Patriotic Millionaires, had over 2,300 respondents with more than $1mn in investable assets from G20 countries.

It was released alongside the open letter and found that 74 per cent support taxes on their wealth to help address the cost of living crisis and improve public services.

An almost equal number of 75 per cent millionaires supported the 2 per cent wealth tax on billionaires which was proposed by the EU Tax Observatory in October 2023.

More than half the people who voted, almost 54 per cent agreed that extreme wealth is a threat to democracy.

Emmy and Golden Globe-winning actor Cox said it is long past the time to act and warned of dire consequences.

“Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy,” HBO’s Succession actor said.