Jan. 17 (UPI) — Nearly 270 millionaires and billionaires urged world leaders congregating in Switzerland for The World Economic Forum on Wednesday to tax their wealth, warning that if their elected representatives don’t address the drastic rise in economic inequality, the consequences will be “catastrophic.”
“Our request is simple: we ask you to tax us, the very richest in society,” the letter signed by 268 millionaires and billionaires from 17 countries and published Wednesday.
“This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”
The World Economic Forum is being held this week through Friday and will be attended by political leaders as well the world’s rich and powerful in the Swiss resort town of Davos where they will discuss global, regional and industry goals.
In their letter to the congregated world leaders, the hundreds of rich signatories said they are surprised their previous calls to be tax have yet to be heeded, stating they are not seeking drastic changes, only financial policies that will prevent society from further degradation.
“Inequality has reached a tipping point, and its cost to our economic, societal and ecological stability risk is severe — and growing every day. In short, we need action now,” the letter states, adding that philanthropy and one-off donations will not fix the issue.
“Not only do we want to be taxed more but we believe we must be taxed more. We would be proud to live in countries where this is expected, and proud of elected leaders who build better futures.”
The letter’s signatories include filmmaker and Disney heir Abigail Disney, actors Simon Pegg and Brian Cox and Valerie Rockefeller of the U.S. Rockefeller family.
“We need our governments and our leaders to lead. And so we come to you again with the urgent request that you act — unilaterally at the national level, and together on the international stage,” they said.
The letter comes as a new poll published Wednesday shows that 74% of wealthy people support higher taxes on their fortunes, while 75% support the introduction of a 2% tax on billionaires, as proposed by the European Union Tax Observatory.
The poll by Survation on behalf of the nonpartisan Patriotic Millionaires surveyed more than 2,300 people from G20 countries who hold more than $1 million in investable assets, excluding their homes, making them the richest 5% of society.
A majority of respondents at 58% said they also supported the introduction of a 2% wealth tax for people with more than $10 million.
“Throughout history, pitchforks were the inevitable consequence of extreme discontent, but today, the masses are turning to populism, which is on the rise throughout the world,” Disney said in a statement.
“We already know the solution to protect our institutions and stabilize our country: it’s taxing extreme wealth. What we lack is the political fortitude to do it. Even millionaires and billionaires like me are saying it’s time. The elites gathering in Davos must take this crisis seriously.”
The World Economic Forum kicked off Monday, which is when Oxfam published its Inequality Inc. report that warned inequality has worsened since 2020, with the world’s richest five men seeing their fortunes double while the planet’s poorest 60% became poorer.
