250 Super-Rich Individuals Urge Imposition of 'Wealth Tax' to Pay More Taxes

Open Letter to World Leaders Attending the Davos Forum

More than 250 of the world's ultra-wealthy individuals (super rich) have called for the imposition of a 'wealth tax' on themselves.

On the 17th (local time), CNBC and the UK Guardian reported that the super rich issued an open letter to political leaders attending the World Economic Forum (WEF, Davos Forum), making this demand.

Marlene Engelhorn from Austria, heir to the German chemical giant BASF, is holding a placard that reads "Tax the Rich" at the Davos Forum.
[Image source=AFP Yonhap News]

The letter titled "Proud to Pay" included names such as Disney heiress Abigail Disney, Rockefeller family member Valerie Rockefeller, Hollywood actor and screenwriter Simon Pegg, and actor Brian Cox.

In the letter, they stated that inequality has reached a breaking point and that action is needed as the risks to economic, social, and ecological stability are increasing day by day.

Previously, last year, 205 super rich individuals issued a similar open letter. They said, "We were surprised by the lack of response to the simple question we have been asking for three years: 'When will taxes be imposed on vast wealth?'"

They argued that even if taxes were imposed on them, it would not fundamentally change their standard of living, make their children poor, or harm national economic growth. They added, "We will redirect extreme and unproductive personal wealth into investments for a shared democratic future."

International relief and development organization Oxfam released a report titled "Inequality Inc." on the 15th, coinciding with the opening of the Davos Forum. According to the report, the assets of the world's five richest people have more than doubled over about three years since the start of the COVID-19 pandemic. If this trend continues, the world's first trillionaire will emerge within the next 10 years, but poverty will not be eradicated for 229 years.

According to a survey released along with the letter, the majority of the global wealthy support increased taxes on their wealth. 74% of respondents supported tax increases to address the cost-of-living crisis and improve public services. Additionally, 58% supported a 2% wealth tax on those holding assets over $10 million (1.34 billion KRW), and 54% believed that excessive concentration of wealth poses a threat to democracy. The survey was conducted among over 2,300 individuals with investment assets exceeding $1 million (134 million KRW) across the 20 major economies (G20).