World Economic Forum
“Tax the rich”: 250 super-rich are demanding higher taxes on their assets – including Disney heiress and “Succession” actor
At the World Economic Forum in Davos, the super-rich are calling for higher wealth and inheritance taxes in a joint open letter, including Disney heiress Abigail Disney (from left), “Succesion” actor Brian Cox and BASF heiress Marlene Engelhorn.
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You have a simple request. They, the richest people in society, finally want to be taxed. With these words, more than 250 super-rich called for political change in an open letter at the World Economic Forum in Davos.
“Why have people become so ungodly rich?” The German comedian and presenter asked that Aurel Mertz recently in an Instagram reel that has since gone viral. More than 1.3 million people have seen the video. You can give people their million, even 100 million euros – but no one should have so much money that they can’t even spend it, argues Aurel Mertz. And asks: “Why do people in emergency situations always compare themselves with other people in emergency situations. What ever happened to “eat the rich”?”
“Eat the rich”: protest in Davos
“Eat the rich” stands for class struggle, for global protest against the rich elite. And it has an annual comeback: the World Economic Forum in Davos has been accompanied by demonstrations for years. The exclusive meeting in the Swiss mountains has been criticized – the giants from politics and business are negotiating too elitistly and insulated here, say its opponents.
The World Economic Forum started two days ago. It’s less about negotiating concrete results than exchanging ideas on the big stage. And on the first day it also belongs to the protesters. Their posters chant “Tax the rich,” which is also what is written on the cardboard sign of BASF heiress Marlene Engelhorn, who is part of the crowd. She tells the Süddeutsche Zeitung that she is accompanying the protest in Davos out of solidarity. Engelhorn recently announced that she wanted to donate her million-dollar inheritance. Together with other super-rich people, she founded the “tax me now” initiative. She fights for higher inheritance and wealth taxes in German-speaking countries.
“Proud to pay”: 250 super-rich demand taxation of their own assets in Davos
It also has similar goals the open letter from 250 billionaires and millionaires, which calls for political measures to finally tax the super-rich appropriately. “This will not significantly change our standard of living, it will not take anything away from our children, nor will it limit the economic growth of our countries.” Rather, in this way, “extreme, unproductive wealth” becomes an “investment in our communal, democratic future,” the letter says.
The pamphlet was signed by people from 17 countries. Among the signatories is the Disney heiress Abigail Disney, Valerie Rockefeller, heiress to the US dynasty, and Brian Cox, who plays the fictional billionaire and media mogul Logan Roy in the series “Succession”. Cox told the Guardian: “We are living in a second ‘golden age’.” Billionaires wielded extreme wealth to gain political power while undermining democracy and the global economy. “It’s long past time to act.”
German signatories include Bosch heiress Ise Bosch, BoConcept heir and entrepreneur Allan Mølholm and the Austrian, already mentioned BASF heiress Marlene Engelhorn.
The letter is entitled “proud to pay”. It will be presented to the heads of state and government gathered in Davos on Wednesday. “We are the people who benefit most from the status quo,” the letter says. “But inequality has reached a point where the consequences for our economic, social and environmental stability are devastating.”
Oxfam study denounces unequal distribution of wealth
At the start of the World Business Forum (WEF), the aid organization Oxfam also denounced the unequal distribution of wealth and called for large fortunes to be taxed. “While billions of people have to endure the shock waves of pandemic, inflation and war, the fortunes of billionaires are booming,” said the executive chairwoman of Oxfam Germany, Serap Altinisik, on Monday on the occasion of the publication of the “Inequality Inc” report. According to Federal Development Minister Svenja Schulze (SPD), even low tax rates on high assets could solve many problems, according to a report from the AFP press agency.
Oxfam proposes a tax model that would impose two percent taxes on assets of more than five million dollars. Assets worth more than $50 million will be taxed at three percent and assets worth more than $1 billion at five percent. The funds raised should be invested in climate protection, education, health care and social security.
The gap between rich and poor: This is the global situation
According to Statista, at the end of 2022, only 1.1 percent of the world’s population owned around 45.8 percent of the world’s wealth. Around 52.5 percent of the world’s population, however, owned only 1.2 percent of the world’s wealth.
In Germany, the richest 10 percent of the wealth distribution own 67.3 percent of all assets. The poorest 50 percent own only 1.2 percent of all assets – similar to the global comparison.
In Austria, the richest 10 percent even own 70 to 75 percent of the total assets. The poorest 50 percent own around 2.5 percent of total wealth. In Switzerland, the richest one percent owns more than 40 percent of the wealth, while the poorest 50 percent have less than 1.5 percent of it.
According to the Oxfam report, all billionaires worldwide are 3.3 trillion richer today than in 2020. Their wealth has grown three times faster than the rate of inflation. The five richest men in the world have more than doubled their wealth since 2020. To give you an idea, that would equate to a profit of $14 million per hour. At the same time, almost five billion people worldwide have become poorer.
Sources: “Proud to pay more”, “Tax me now”,guardian,SZ, Statista