New poll shows millionaires deeply concerned about impact of extreme wealth as more than 370 millionaires and billionaires sign open letter to world leaders at Davos demanding they draw the line and tax the super rich
As the global elite gather in Davos this week for the annual World Economic Forum, a new poll reveals that 63 percent of millionaires around the world think the influence of the super rich on the Trump presidency is a threat to global stability. The poll was released alongside We Must Draw The Line, an open letter from millionaires and billionaires urging elected leaders to tackle the corrosive impact of extreme wealth on our democracies and broader society.
More than 370 millionaires and billionaires, spanning 22 countries, including Abigail Disney, Marlene Engelhorn, Brian Eno, and Richard Curtis signed the letter, which was published following the inauguration of billionaire President Donald Trump.
Abigail Disney, Emmy Award-winning documentary filmmaker and member of the Patriotic Millionaires said: “It’s easy to see the election of a figure like Donald Trump as an aberration, but that’s not the case. Donald Trump – along with his so-called ‘first buddy,’ Elon Musk – is the final and inevitable conclusion of decades of inaction on the part of world leaders to put a check on extreme inequality. It’s hard to be optimistic about what lies ahead over the next four years – and maybe more – but if officials want to do something to ensure the stability of our democracies, they need only find the political resolve to once and for all tax wealthy people like me.”
The poll of 2,902 millionaires from G20 countries takes a deep dive into the risks and impact of extreme wealth and the political solutions to address it. It exposes the grave concerns millionaires have about the impact extreme wealth and the super rich are having on the stability of democracies, control of the media and social media, justice systems, and political integrity.
Two-thirds of millionaires think the super rich interfered inappropriately in the US election. Over 70 percent agree that the super rich disproportionately influence public opinion through the control of media and social media, leverage the law in their own favour, and buy access to policymakers. Seven in ten also believe that the influence of the super rich is leading to a decline in public trust in institutions which hold societies together, such as the media, the justice system, and democracy itself. Increasing taxes on the super rich to reduce inequality and invest in public services remains a popular solution, with seven in ten millionaires polled supporting raising taxes on the richest.
Dr Phil White, member of Patriotic Millionaires UK said: “Let’s be honest, extreme wealth is causing people and families everywhere serious economic harm, while the wealth, control, and power of billionaires and multi-millionaires is endlessly growing. There is a reason that people think their politicians will do nothing about it – for the last 50 years they have neglected to address growing economic inequality, so the consequence of this extreme division must now be dealt with. This decision should be as plain as day for our political representatives – they have to rein in extreme wealth by taxing the super rich.”
The poll conducted by Survation was commissioned by Patriotic Millionaires International, who worked with Oxfam, Millionaires for Humanity, and taxmenow to organise the letter, We Must Draw The Line. The open letter to world leaders at Davos states: “Wealth is no longer simply about worth. It is about control. If you, our elected leaders, continue to neglect the crisis of wealth extremism, the fractured foundations of our hard-won democracies will face further harm.”
Emmy and Golden Globe-winning actor Brian Cox, who played fictional billionaire Logan Roy in HBO’s Succession said: “Recent events have shown that the political influence of billionaires and those with extreme wealth is an extreme risk to society. The super-rich now manage so much more than money: they manage what we read, what we watch, the information we’re given, and ultimately, how we vote. When a super-rich elite is determining the outcome of elections purely to protect their vested interests and accelerate profits, it’s clear that we are in a terrifying age of wealth extremism. Our leaders have lacked the backbone needed to rein in political capture and put ordinary people first. It’s time we draw the line and tax the super rich.”
The risks associated with extreme wealth are of rising concern around the world. As it has spiraled, comprehensive solutions to address it are being proposed and considered by economists, political representatives, civil society, millionaires, and the public. In an upcoming report this week, from the New Economics Foundation and Patriotic Millionaires, the notion of an extreme wealth line is promoted as a new metric to help understand the point at which extreme wealth concentration begins to harm society and the planet.
Millionaire representatives, including Dr. Phil White and Marlene Engelhorn, are in Davos to hand over the letter to Davos attendees.
On the campaign, activist and co-founder of taxmenow, Marlene Engelhorn said: “The super rich are buying themselves more wealth and more power while the rest of the world is living in economic fear. We no longer have access to free and fair media; our political and legal systems can be bought; and our democracies are on very shaky ground. For all our sake, in every country, we have to tackle this now. Politicians need to show their mettle; they need to tax the super rich.
For interviews, please contact Lucy Brown at lucyb@oxfam.org.au or 0478 190 099.
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