Tax our wealth: Over 250 billionaires and millionaires urge action at Davos

An open letter titled “Proud to Pay,” implores world leaders to tax wealthiest individuals

Left to right: Brian Cox as Logan Roy, Abigail Disney and Valerie Rockefeller. — Guardian
Left to right: Brian Cox as Logan Roy, Abigail Disney and Valerie Rockefeller. — Guardian

More than 250 billionaires and millionaires — including prominent figures like Disney heir Abigail Disney, actor Brian Cox of Succession fame, screenwriter Simon Pegg, and Valerie Rockefeller — are urging political leaders at the World Economic Forum in Davos to implement wealth taxes, The Guardian reported. 

This call is encapsulated in an open letter titled “Proud to Pay.”

The letter implores world leaders to tax the wealthiest individuals, emphasising that such measures won’t significantly impact their lifestyles but can transform excessive private wealth into an investment for the collective democratic future. 

Signatories, hailing from 17 countries, acknowledge their privilege and assert that the time for action is now as inequality poses severe risks to economic, societal, and ecological stability.

A recent poll of the super-rich reveals that 74% are in favour of higher taxes on wealth to tackle the cost of living crisis and enhance public services. 

The survey, conducted by Survation for Patriotic Millionaires, includes responses from over 2,300 individuals from G20 countries with more than $1 million in investable assets, excluding their homes.

Notably, 58% support the introduction of a 2% wealth tax on those with over $10 million, and 54% perceive extreme wealth as a threat to democracy. This growing sentiment among the affluent underscores a global desire to address economic disparities.

Guy Singh-Watson, founder of vegetable box delivery company Riverford, expressed frustration at the lack of leadership on taxing the super-rich. The survey indicates that even among the wealthiest, there is an apparent consensus for such measures, highlighting the urgency for elected representatives to act.

The potential impact of a “modest” 1.7% wealth tax in the UK on the richest 140,000 individuals, raising over £10 billion, was suggested by the Trades Union Congress (TUC) last year. 

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