Mega rich renew call on global leaders at Davos to ‘tax our extreme wealth’

More than 250 billionaires and millionaires on Wednesday reiterated their call on elected representatives of the world’s leading economies to introduce higher taxes on the very richest in society.

In an open letter to political leaders gathered at the annual World Economic Forum in Davos, Switzerland, the rich signatories said they wished to deliver a clear message: “Tax our extreme wealth.”

“We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?” the letter said.

“Our request is simple: we ask you to tax us, the very richest in society. This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”

The signatories of the letter, entitled “Proud To Pay More,” span 17 countries and include Disney heir Abigail Disney, screenwriter Simon Pegg and Valerie Rockefeller, an heir to the famed U.S. family.

It comes shortly after Oxfam said that the five richest men globally have more than doubled their vast wealth since 2020 and warned that the world could have its first trillionaire within a decade.

At the same time, the charity said on Monday that, if the current trends persist, poverty will not be eradicated for another 229 years.

Source: CNBC