Increase Our Taxes: Global Millionaires Demand To Have Their Wealth Taxed More

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More than 200 millionaires from around the globe are calling on the “global elite” at this week’s World Economic Forum (WEF) in Davos to address global inequality and tax the ultra-rich now, as it’s “simple, common-sense economics.

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In an open letter, “Cost of Extreme Wealth,” the “Patriotic Millionaires” — a group of a group of high-net worth individuals — in conjunction with Patriotic Millionaires UK, Tax Me Now and Millionaires for Humanity, said that the “current lack of action is gravely concerning.”

Some of the letter’s signatories include actor Mark Ruffalo and Disney heiress Abigail Disney.

“A meeting of the ‘global elite’ in Davos to discuss ‘Cooperation in a Fragmented World’ is pointless if you aren’t challenging the root cause of division. Defending democracy and building cooperation requires action to build fairer economies right now — it is not a problem that can be left for our children to fix. Now is the time to tackle extreme wealth; now is the time to tax the ultra-rich,” the letter read.

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The letter comes on the heels of Oxfam’s report, “Survival of the Richest,” which was published on the opening day of the WEF. The Oxfam report suggested that while millions are still reeling from the continuing impact of COVID-19, “the very richest have become dramatically richer and corporate profits have hit record highs, driving an explosion of inequality.”

Globally, the annual revenue from an annual progressive wealth tax of 2% for those who have a net wealth of $5 million or more, 3% for $50 million or more, and 5% for those with more than $1 billion, could have raised more than $1.7 trillion in 2022 alone, according to a Jan. 18 Patriotic Millionaires report.

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As of November 2022, wealth held by U.S. billionaires — currently at $4.5 trillion — has increased by 34.6% since the pandemic began in mid-March 2020, the above report found.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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