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Global Economy

"Tax us now" – Rich want to pay for health

A group of more than 100 millionaires from nine countries, together with international organizations, is calling for a wealth tax for the richest. "Tax us, the rich, now," the groups Patriotic Millionaires, Millionaires for Humanity and Tax Me Now have urged governments to do, according to Oxfam.

"As millionaires, we know that the current tax system is not fair," says an open letter to the World Economic Forum (January 17-21) in Davos. According to Oxfam, the wealth of the ten richest men in the world has doubled since the pandemic began – from around 613 billion euros to a good 1.3 trillion euros. In the same period, the pandemic has plunged 160 million people into poverty.

A wealth tax of 2 percent a year for millionaires and 5 percent for billionaires could bring in $2.52 trillion a year worldwide, according to Oxfam. This would enable significant progress in poverty reduction, equitable distribution of Covid-19 vaccines and general health care.

The "Patriotic Millionaires" publish their letter on the "Davos Agenda" series of events of the World Economic Forum. The signatories include US film producer and heiress Abigail Disney, Danish-Iranian entrepreneur Djaffar Shalchi, American entrepreneur and venture capitalist Nick Hanauer, and Austrian student and BASF heiress Marlene Engelhorn.

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