Superrich at Davos Call for Higher Taxes on Wealthy to Protect Democracy

370 millionaires and billionaires warn that extreme wealth concentration threatens democratic systems and urge global leaders to implement wealth taxes.

An open letter signed by 370 wealthy individuals, including Marlene Engelhorn and Abigail Disney, was presented at the World Economic Forum in Davos, advocating for higher taxes on the superrich.
The signatories argue that concentrated wealth enables disproportionate political influence, undermining democratic institutions and public trust in media and justice systems.
A survey by the Patriotic Millionaires group found that 70% of millionaires believe extreme wealth erodes democracy and media credibility, with 63% citing it as a global stability threat tied to political figures like Donald Trump.
The letter, supported by organizations such as Oxfam and Patriotic Millionaires, emphasizes the urgency of addressing 'wealth extremism' to prevent further harm to democratic foundations.
The World Economic Forum, hosting over 2,500 global leaders, continues until January 24, with discussions on wealth inequality and its societal impacts taking center stage.