Nearly 400 millionaires and billionaires from 24 countries have reportedly urged world leaders to impose higher taxes on the ultra-wealthy, warning that extreme concentrations of wealth are distorting democracy, deepening inequality and accelerating global instability.
An open letter released to coincide with the World Economic Forum (WEF) 2026 in Davos calls on political leaders to act decisively to close what it describes as the widening gulf between the super-rich and the rest of society.
Global elite demand wealth tax reforms
The signatories — almost 400 wealthy individuals from across Europe, the Americas, Asia and Africa — argue that extreme wealth is now reshaping political systems and public life.
The letter, signed by figures including Mark Ruffalo, Brian Eno and Abigail Disney, claims that excessive private wealth is undermining democratic institutions and public trust, Guardian reported.
It states that extreme wealth is polluting politics, driving social exclusion and fuelling the climate emergency.
‘Extreme wealth is polluting politics’
The letter delivers one of its starkest warnings in a strongly worded passage:
“A handful of global oligarchs with extreme wealth have bought up our democracies; taken over our governments; gagged the freedom of our media; placed a stranglehold on technology and innovation; deepened poverty and social exclusion; and accelerated the breakdown of our planet,” it reads.
“What we treasure, rich and poor alike, is being eaten away by those intent on growing the gulf between their vast power and everyone else.
“We all know this. When even millionaires, like us, recognise that extreme wealth has cost everyone else everything else, there can be no doubt that society is dangerously teetering off the edge of a precipice.”
WEF Davos summit targeted by campaign
The timing of the letter is designed to maximise political pressure, as global leaders, business executives and policymakers gather at the annual Davos summit.
Signatories argue that Davos has become a symbolic arena for global inequality, where elite decision-makers meet amid growing public anger over wealth concentration, rising living costs and democratic erosion.
Millionaires warn of political influence buying
The letter is supported by new polling data that highlights growing concern among wealthy citizens themselves.
A survey conducted for the Patriotic Millionaires group found that 77% of millionaires in G20 countries believe extremely wealthy individuals buy political influence.
The poll of 3,900 people with more than $1m in assets (excluding property) also found that:
Three-fifths believe Donald Trump has had a negative impact on global economic stability
- More than 60% view extreme wealth as a threat to democracy
- Two-thirds support higher taxes on the super-rich to fund public services
- Only 17% oppose such tax increases
Richest political leadership in US history
According to Forbes, Donald Trump assembled the richest cabinet in US history following his re-election, with an estimated combined net worth of $7.5bn (£5.6bn) as of August last year.
Campaigners argue that this concentration of wealth within political leadership structures reinforces perceptions that governments are increasingly shaped by elite financial interests rather than public need.
Billionaire population hits record levels
The development charity Oxfam reported this week that the global number of billionaires has surpassed 3,000 for the first time, following a record surge in billionaire wealth last year.
Amitabh Behar, executive director of Oxfam International, said:
“Last year the rise in billionaire wealth was unprecedented.
“The super-rich are being given complete free rein. It is beyond comprehension that the richest 1% now own three times more than the world’s total public wealth combined.
“It’s a stark indictment that illustrates just how nonsensical the gulf now is between oligarchs and the rest of humanity. Governments must implement taxes on the super-rich now and prioritise reducing inequality. The world cannot continue on this obscene trajectory.”
