Millionaires and Billionaires Press for Higher Wealth Taxes at WEF

Email: online@newsofbahrain.com

Davos:Almost 400 affluent individuals from around the world have signed an open letter calling for higher taxes on the ultra-wealthy, urging political leaders gathered at the World Economic Forum (WEF) 2026 to take decisive action to reduce extreme inequality.

 The signatories, who come from 24 countries across multiple continents, include prominent figures such as actor Mark Ruffalo, musician Brian Eno and filmmaker Abigail Disney. In their letter, they argue that concentrated wealth is increasingly harming democratic institutions, deepening inequality, and contributing to social exclusion and environmental damage.

 The group’s appeal coincides with the high-profile Davos gathering of world leaders, business executives, and policymakers. The wealthy contributors emphasize that the growing divide between the richest individuals and the rest of society poses serious risks to democratic stability and social cohesion.

 Supporting the call is recent polling data showing that many wealthy individuals themselves believe extreme wealth can wield undue influence over politics. A survey of more than 3,900 millionaires in G20 nations found a large majority think super-rich individuals use their economic power to shape political outcomes, and many support steeper taxation to fund public services and reduce economic disparities.

 The letter also cites data from Oxfam, highlighting that the number of billionaires worldwide recently surpassed a record 3,000, and that the richest 1% now control wealth far exceeding global public assets. Advocates argue that taxing extreme wealth could help finance essential social programs while addressing widening inequality.

 The initiative marks a notable moment in debates over taxation and economic fairness, as voices from within wealthy circles join broader calls for reforms that would make tax systems more responsive to growing disparities in wealth and influence.