New poll reveals nearly three quarters of millionaires in G20 countries support a higher wealth tax

Millionaires from across G20 countries have signed a letter to political leaders attending the World Economic Forum in Davos expressing how they would be “proud to pay more” in taxes.

Spanning 17 countries, 260 millionaires and billionaires signed the letter in a bid to ‘wake world leaders up’ and push for a higher wealth tax on the super-rich in order to address growing wealth inequality.  

A poll published alongside the letter by Patriotic Millionaires, one of the groups leading the campaign for more wealth tax, found that a large majority of millionaires in G20 countries wanted to be taxed more.

Over 74% of respondents supported higher taxes on wealth to help address the cost of living crisis and improve public services, with three quarters also supporting a 2% wealth tax on billionaires, proposed by the EU Tax Observatory.

Oxfam found that a tax of up to 5% on the world’s multi-millionaires and billionaires could raise $1.7 trillion a year. While Patriotic Millionaires UK has said a 2% tax on those with more than £10 million could raise £22 billion a year, or £423 million a week.

Furthermore, over half of the millionaires polled believed that extreme wealth is a threat to democracy. And when it comes to buying political influence, 72% believed that extreme wealth helps.

Respondents included over 2,300 people who make up the richest five percent in their respective countries.

British farmer, founder of Riverford delivery company and Patriotic Millionaires UK member, Guy Singh-Watson, asked why elected representatives where not acting to address concerns over extreme wealth.

“This poll seems to show that the whole world, including the richest people, wants to tax the super rich,” said Singh-Watson.

“So where on earth is the leadership from our elected representatives who have the power to actually do it?

“We, the very richest, are sick and tired of inaction, so it’s hardly surprising that working people, at the sharp end of our rigged economies, have lost all patience.”

Actor Brian Cox said that the consequences of political leaders refusing to address this concentration of wealth and power “will be dire”.

“We are living in a second Gilded Age,” said Cox. “Billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy.

Part of the letter to elected leaders reads: “We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth? If elected representatives of the world’s leading economies do not take steps to address the dramatic rise of economic inequality, the consequences will continue to be catastrophic for society.”

“Our request is simple: we ask you to tax us, the very richest in society. This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”

(Photo credit: Patriotic millionaires)

Hannah Davenport is news reporter at Left Foot Forward, focusing on trade unions and environmental issues

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