Disney heiress and actor Mark Ruffalo among ‘patriotic millionaires’ who addressed world’s elite at Davos
published on Wednesday. “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.In the letter entitled “”, the millionaires, from 13 countries, said: “The history of the last five decades is a story of wealth flowing nowhere but upwards. In the last few years, this trend has greatly accelerated …The solution is plain for all to see.
It comes as new research shows that almost two-thirds of the new wealth amassed since the start of the pandemic has gone to the richest 1%. The development charity Oxfam found that the best-off had in new wealth up to the end of 2021. That represented 63% of the total new wealth, with the rest going to the remaining 99% of people.
Oxfam said for the first time in a quarter of a century the rise in extreme wealth was being accompanied by an increase in extreme poverty, and called for new taxes to be levied on the super-rich. Oxfam said a tax of up to 5% on the world’s multimillionaires and billionaires could raise $1.7tn a year, enough to lift 2 billion people out of poverty, and fund a global plan to end hunger.Get set for the working day – we'll point you to the all the business news and analysis you need every morningNewsletters may contain info about charities, online ads, and content funded by outside parties.
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