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The survey found that the majority of millionaires and billionaires in G20 countries support higher taxes on their wealth, and almost half believe extreme wealth is a “threat to democracy”.
According to a survey by Patriotic Millionaires, some of the world's wealthiest people are concerned about the potential dangers of extreme wealth concentration and its impact on democracy.
As many as 25,000 billionaires have signed an open letter calling on world leaders to increase taxes on political leaders attending the World Economic Forum in Davos.
The title of the letter is Proud to pay moreAt Davos, he called on world leaders to encourage the wealthiest members of society to invest disproportionately their unproductive personal wealth to combat the various economic crises in their countries.
The ultra-rich from 17 countries, including film director Abigail Disney, actors Brian Cox and Simon Pegg, Valerie Rockefeller, Austrian heiress Marlene Engelhorn and Riverford founder Guy Singh Watson, are calling for higher taxes.
“This poll seems to suggest that the whole world, including the wealthiest, want to tax the super-rich,” said Singh Watson, a British farmer and entrepreneur.
“We, the wealthiest people, are tired of doing nothing, so it's no wonder that workers on the front lines of this rigged economy are losing patience.”
“Inequality has reached a tipping point,” the letter states, and the costs to economic, social and ecological stability risks are severe.
“Unless elected representatives of the world's major economies take steps to address the dramatic increase in economic inequality, the consequences will continue to be devastating for societies,” the report said.
Marlene Engelhorn, an Austrian heiress and co-founder of taxmenow, said 2024 “could be the start of real change if the G20 gets serious about raising more taxes from people like me.”
“With rising populism and the expansion of wealth going hand in hand, we cannot afford another year of neglecting the economy without further danger to our democracy.”
The survey was conducted by Survation on behalf of Patriotic Millionaires and involved more than 2,300 respondents from G20 countries with investable assets of more than $1 million.
The report, released at the same time as an open letter, found that 74 percent of people support taxing the wealthy to tackle the cost of living crisis and improve public services.
A nearly equal number of billionaires, 75%, supported a 2% wealth tax on billionaires proposed by the EU tax watchdog for October 2023.
More than half of those polled, about 54 percent, agreed that extreme wealth is a threat to democracy.
Cox, an Emmy and Golden Globe-winning actor, said the time for action is long past due and warned of dire consequences.
“Billionaires use their vast wealth to amass political power and influence, while simultaneously undermining democracy and the global economy,” HBO Inheritance The actor said.
