Davos: A group of super-rich urged governments around the world to introduce wealth tax to combat “extreme inequality” on Wednesday.
As many as 205 millionaires and billionaires meeting at Davos for the World Economic Forum (WEF) said lack of action to address cost of living was gravely concerning, according to The Guardian.
The open letter released by the super-rich elite said the meeting at Davos for discussing cooperation may become pointless if it is not challenging the root cause of division.
“Defending democracy and building cooperation requires action to build fairer economies right now – it is not a problem that can be left for our children to fix” they reportedly said.
The wealthy members of the group including the Disney heiress Abigail Disney and The Hulk actor Mark Ruffalo said now is the time to tax the ultra-rich.
The millionaires from 13 countries in the letter entitled “the cost of extreme wealth” said money flowed only upwards in the last five decades.
The signatories, who called themselves “patriotic millionaires” warned of catastrophe from inaction.
Meanwhile a new research revealed that nearly two-thirds of the new wealth since pandemic is concentrated in the richest one percentage.
The superrich bagged $21 tn of new wealth up to the end of 2021, which means 63 percent of the total new wealth, Oxfam study said.
The rest of this lion share has been shared among the remaining 99 percent of people.
Oxfam said the rise of extreme wealth will accompany an increase in extreme poverty in a quarter of a century.
Calling for new tax on super-rich, Oxfam said tax of up to 5% on the richest could raise $1.7tn a year. The money according to the report is enough to lift 2 billion people out of poverty alongside help funding to end hunger.