The World Economic Forum, which attracts some heads of state, some corporate leaders, and a lot of very rich people to Davos, Switzerland, every year, started just as Trump was inaugurated for his second term.
It’s a bizarre gathering: The participants arrive on private jets, hundreds of them, and then complain about carbon emissions. They go to parties where everyone wears outfits that cost tens of thousands of dollars, and talk about global suffering. Gov. Gavin Newsom has been a participant, as have numerous Hollywood stars.
Speakers typically talk about poverty, climate change, and inequality—but never, ever, discuss the concept that the only way to address those issues is if some of the glitterati at the summit are willing to give up a little tiny bit of their wealth.
This year was a little different.
As Trump was talking about tax cuts, deportation, and American imperialism, a group called Patriotic Millionaires is asking the US government, and governments around the world, to do what the very rich rarely suggest: raise their taxes.
I got this press release yesterday:
DAVOS, SWITZERLAND – As the global elite gather in Davos this week for the Annual Meeting of the World Economic Forum, a new poll reveals that 63 percent of millionaires around the world think the influence of the super rich on the Trump presidency is a threat to global stability. The poll was released alongside We Must Draw The Line, an open letter from millionaires and billionaires urging elected leaders to tackle the corrosive impact of extreme wealth on our democracies and broader society.
More than 370 millionaires and billionaires, spanning 22countries, including Abigail Disney, Marlene Engelhorn, Brian Eno, and Richard Curtis, signed the letter, which was published following the inauguration of billionaire President Donald Trump.
The poll is pretty dramatic: Of more than 2,000 millionaires and billionaires surveyed from 20 countries, more than 70 percent had a favorable opinion “towards an increased tax on very wealthy individuals to reduce inequality, fund improved public services, and deal with the cost of living crisis.”
More than 70 percent said extreme wealth is leading to distrust in government, media, and democracy.
The letter is pretty clear:
Wealth is no longer simply about worth. It is about control. If you, our elected leaders, continue to neglect the crisis of wealth extremism, the fractured foundations of our hard-won democracies will face further harm.
Across the world, some of those who enjoy the same economic status as us also enjoy untold levels of influence and power. A handful of extremely wealthy human beings control the media, which cajoles, persuades, and sometimes misinforms; they unduly influence our legal systems, transforming justice into injustice; and are helping manage our democracies into decline.
The defense and special privilege of extreme wealth cannot continue. We must draw the line.
This should not be difficult. There is a simple solution that can be delivered quickly. You must tax us, the super rich.
Millionaires want this, the public wants it, and our global politics demands it. Beyond a small minority of those determined to preserve their outsized influence and unearned position, who is stopping you?
Millionaires in G20 countries believe that extreme wealth buys political influence and consider it a threat to democracy. We do not want or need any more access or power. Instead, we want those we elect to build a better future with just democracies, strong economies that serve everyone, a flourishing planet, and societies where we all can thrive.
Needless to say, Elon Musk, Mark Zuckerberg, and Jeff Bezos didn’t sign the letter. I asked Mayor Daniel Lurie’s press office whether he is going to sign it (his name is not on the list) but they haven’t responded.
As far as I can tell, the only major news media outlet that has covered this is the UK Guardian.
I doubt this will be a big issue at Davos, where protecting the privilege of the privileged is always a priority.
But it’s a signal that even the very rich are starting to realize that radical economic inequality is a threat to the stability of civilization and democracy (and the reason that Trump got elected).
I wonder if the Democratic Party is paying attention.
