More than 250 millionaires and billionaires have written to global leaders at the World Economic Forum saying they would be “proud to pay more” tax on their wealth. It comes after a survey of more than 2,300 people from G20 countries with more than €919,000 (£788,000) in investable assets found that 74% supported taxes on their wealth if used to address the cost-of-living crisis and improve public services. Three-quarters of respondents supported a 2% wealth tax on billionaires, and 54% said extreme wealth was a threat to democracy. Signatories of the letter to world leaders said inequality is causing economic, societal, and ecological damage. Increasing their tax bills would not alter their standard of living, deprive their children or harm their nations’ economies, the signatories said, adding that individual philanthropy will not make enough of a difference.
- The letter signatories included the Disney heir Abigail Disney, actors Brian Cox and Simon Pegg, Austrian heir to fortunes of pharmaceutical company BASF, Marlene Engelhorn, and Valerie Rockefeller, an heir to that family’s estate.
- The world’s five richest men doubled their wealth since 2020 to €793bn (£681.5bn), while almost five billion people globally became poorer, according to an Oxfam report.