“Tax the Super-Rich”: Millionaires Urge Leaders in Davos to Act on Wealth Inequality

A group of 400 millionaires from 24 countries, including prominent names like Marvel actor Mark Ruffalo, musician Brian Eno, film producer Abigail Disney, physicist Brian Cox, and documentary filmmaker Abby Disney, have signed an open letter to world leaders at Davos calling on them to "tax the super-rich." The letter urges elected representatives at the World Economic Forum (WEF) in Davos, Switzerland, to tackle the existential global crisis posed by extreme wealth.

Many of the issues raised in the letter echo Outlook Business’ January issue, which highlighted India’s rising inequality amid the growing wealth gap between the top 1% of the population and the rest. The cover stroy argued that by taxing a small percentage of billionaires’ wealth, India could raise 2.7–6% of GDP annually.

"The richest 1% now own more than 95% of the world’s population put together. The gap between the super-rich and everyone else grows larger every day, stretching across neighbourhoods, nations, and, perhaps most of all, generations," read the letter titled 'Time to Win'.

It claimed that a small group of ultra-wealthy oligarchs has captured governments, stifled media, controlled technology, and worsened inequality and environmental decline. Even wealthy individuals acknowledge that extreme wealth is harming society, pushing it toward a dangerous tipping point.

"We are worn out watching this happen. We want our democracies back. We want our communities back. We want our future back," it added.

The letter demands that politicians implement "a simple and effective solution, supported by millionaires and the public alike. Stop squandering the time we have—tax the super-rich."

According to the coordinators of the letter, the call is not limited to these 400 millionaires. Patriotic Millionaires, Millionaires for Humanity, and Oxfam International, which coordinated the effort, said a survey of 3,900 millionaires in G20 countries found that six in ten believe US President Donald Trump has had a negative impact on global economic stability.

“Americans are confronted with the challenge of a lawless president who believes that the only limit to his power is his own morality and mind. But Donald Trump and the unique threat he poses to American democracy did not emerge overnight. Extreme wealth inequality enabled his every step and is the root cause of the trend toward authoritarianism we’re witnessing in the US and around the world. If leaders at Davos are serious about the threat to democracy and the rule of law, they must get serious about combatting extreme wealth concentration," said Academy Award-winning actor Ruffalo.

The poll also found that a majority of millionaires in G20 countries see extreme wealth as a threat to democracy, with 77% believing the super-rich buy political influence and 71% saying they can sway election outcomes. Most support limits on political donations, higher taxes on the ultra-rich, and worry that concentrated wealth undermines social trust, prevents ordinary people from living decently, and blocks action on inequality.

“Last year, the rise in billionaire wealth was unprecedented. The super-rich are being given complete free rein. It is beyond comprehension that the richest 1% now own three times more than the world’s total public wealth combined. This is a stark indictment illustrating just how nonsensical the gulf now is between oligarchs and the rest of humanity. Governments must implement taxes on the super-rich now and prioritise reducing inequality; the world cannot continue on this obscene trajectory,” said Amitabh Behar, Oxfam International Executive Director.

Other notable signatories to the letter included Dale Vince, founder of renewable energy firm Ecotricity; Marlene Engelhorn, Austrian heiress and wealth redistribution advocate; Morris Pearl, former managing director at BlackRock and chair of Patriotic Millionaires; Guy Singh-Watson, founder of organic food company Riverford; George Zimmer, founder of Men’s Wearhouse; and Amy Ziering, Oscar-nominated filmmaker and producer.