Almost 400 millionaires and billionaires from 24 nations have reportedly urged world leaders to impose larger taxes on the ultra-wealthy, warning that excessive concentrations of wealth are distorting democracy, deepening inequality and accelerating international instability.
An open letter launched to coincide with the World Financial Discussion board (WEF) 2026 in Davos calls on political leaders to behave decisively to shut what it describes because the widening gulf between the super-rich and the remainder of society.
World elite demand wealth tax reforms
The signatories — nearly 400 rich people from throughout Europe, the Americas, Asia and Africa — argue that excessive wealth is now reshaping political programs and public life.
The letter, signed by figures together with Mark Ruffalo, Brian Eno and Abigail Disney, claims that extreme non-public wealth is undermining democratic establishments and public belief, Guardian reported.
It states that excessive wealth is polluting politics, driving social exclusion and fuelling the local weather emergency.
‘Excessive wealth is polluting politics’
The letter delivers one in all its starkest warnings in a strongly worded passage:
“A handful of world oligarchs with excessive wealth have purchased up our democracies; taken over our governments; gagged the liberty of our media; positioned a stranglehold on know-how and innovation; deepened poverty and social exclusion; and accelerated the breakdown of our planet,” it reads.
“What we treasure, wealthy and poor alike, is being eaten away by these intent on rising the gulf between their huge energy and everybody else.
“Everyone knows this. When even millionaires, like us, recognise that excessive wealth has value everybody else all the pieces else, there will be little doubt that society is dangerously teetering off the sting of a precipice.”
WEF Davos summit focused by marketing campaign
The timing of the letter is designed to maximise political strain, as international leaders, enterprise executives and policymakers collect on the annual Davos summit.
Signatories argue that Davos has develop into a symbolic area for international inequality, the place elite decision-makers meet amid rising public anger over wealth focus, rising dwelling prices and democratic erosion.
Millionaires warn of political affect shopping for
The letter is supported by new polling knowledge that highlights rising concern amongst rich residents themselves.
A survey performed for the Patriotic Millionaires group discovered that 77% of millionaires in G20 nations consider extraordinarily rich people purchase political affect.
The ballot of three,900 individuals with greater than $1m in property (excluding property) additionally discovered that:
Three-fifths consider Donald Trump has had a detrimental impression on international financial stability
- Greater than 60% view excessive wealth as a menace to democracy
- Two-thirds assist larger taxes on the super-rich to fund public providers
- Solely 17% oppose such tax will increase
Richest political management in US historical past
In accordance with Forbes, Donald Trump assembled the richest cupboard in US historical past following his re-election, with an estimated mixed internet price of $7.5bn (£5.6bn) as of August final yr.
Campaigners argue that this focus of wealth inside political management constructions reinforces perceptions that governments are more and more formed by elite monetary pursuits quite than public want.
Billionaire inhabitants hits report ranges
The event charity Oxfam reported this week that the worldwide variety of billionaires has surpassed 3,000 for the primary time, following a report surge in billionaire wealth final yr.
Amitabh Behar, government director of Oxfam Worldwide, stated:
“Final yr the rise in billionaire wealth was unprecedented.
“The super-rich are being given full free rein. It’s past comprehension that the richest 1% now personal 3 times greater than the world’s whole public wealth mixed.
“It’s a stark indictment that illustrates simply how nonsensical the gulf now could be between oligarchs and the remainder of humanity. Governments should implement taxes on the super-rich now and prioritise lowering inequality. The world can’t proceed on this obscene trajectory.”
