Dollar millionaires warn of super-rich influence over politics
A new survey shows that dollar millionaires are deeply concerned about the impact of extreme wealth. More than 370 dollar millionaires and billionaires have signed an open letter to world leaders in Davos, demanding they draw a line - and tax the super-rich.
As the global elite gather this week for the annual World Economic Forum in Davos, a new survey reveals that 63% of dollar millionaires around the world believe the influence of the super-rich on Trump's presidency is a threat to global stability. The survey was released alongside We Must Draw The Line, which is an open letter from dollar millionaires and billionaires calling on democratically elected world leaders to address the eroding impact of extreme wealth on our democracies and societies.
More than 370 dollar millionaires and billionaires from 22 countries, includingAbigail Disney, Marlene Engelhorn, Brian Eno and Richard Curtis have signed the letter, which was published after the inauguration of billionaire President Donald Trump.
"It's easy to see the election of someone like Donald Trump as an aberration, but that's not the case. Donald Trump - along with his so-called 'first buddy', Elon Musk - is the inevitable end to decades of inaction by world leaders to end extreme inequality. It's hard to be optimistic about what lies ahead in the next four years - and perhaps more - but if policymakers want to do something to ensure the stability of our democracies, they just need to find the political resolve to tax rich people like me once and for all."
Abigail Disney, Emmy-winning documentary filmmaker and member of Patriotic Millionaires
The survey, completed by 2 902 dollar millionaires from G20 countries, delves into the risks and impacts of extreme wealth and the policy solutions to address it. It shows the serious concerns millionaires have about the impact of extreme wealth and the super-rich on the stability of democracies, control of media and social media, legal systems and political integrity.
Two-thirds of dollar millionaires think the super-rich interfered inappropriately in the US election. Over 70% agree that the super-rich disproportionately influence public opinion by controlling the media and social media, using the law to their own advantage and buying access to decision-makers. Seven in ten also believe that the influence of the super-rich leads to a decline in public trust in institutions that hold societies together, such as the media, the judiciary and democracy itself. Raising taxes on the super-rich to reduce inequality and invest in public services remains a popular solution, with seven out of ten millionaires surveyed supporting the proposal to raise taxes on the richest.
" Let's be honest, extreme wealth is causing serious economic harm to people and families everywhere while the wealth, control and power of billionaires and multi-millionaires grows endlessly. There's a reason people think their politicians won't do anything about it - for the past 50 years, politicians have neglected to address growing economic inequality, so the consequence of this extreme divide must now be addressed. This decision should be easy for our political representatives - they must rein in extreme wealth by taxing the super-rich."
Dr. Phil White, member of Patriotic Millionaires UK
The survey, conducted by Survation, was commissioned by Patriotic Millionaires International, which worked with Oxfam, Millionaires for Humanity and taxmenow to produce the letterWeMust Draw The Line. The open letter to world leaders in Davos states: "Wealth is no longer just about economic value. Wealth is also about control. If you, our elected leaders, continue to neglect the extreme wealth crisis, the shaky foundations of our hard-won democracies will continue to be damaged."
"Recent events have shown that the political influence of billionaires and those with extreme wealth is an extreme risk to society. The super-rich now manage so much more than money: they manage what we read, what we watch, the information we receive and ultimately how we vote. When a super-rich elite determines election outcomes solely to protect their vested interests and increase their profits, it is clear that we are in a frightening age of extreme wealth. Our leaders have lacked the backbone needed to rein in the disproportionate influence of the rich on politics and put ordinary people first. It's time we drew the line and taxed the super-rich."
Brian Cox, actor
The risks associated with extreme wealth are leading to increasing concern around the world. Economists, political representatives, civil society, millionaires and the public are proposing and considering comprehensive solutions to address the problem.In a forthcoming report this week, from the New Economics Foundation and Patriotic Millionaires, an "extreme wealth line" is advocated as a new metric to help understand the point at which extreme wealth concentration begins to harm society and the planet.
Billionaire representatives, including Dr. Phil White and Marlene Engelhorn, are in Davos to deliver the letter to participants at the World Economic Forum.
"The super-rich are buying more wealth and more power while the rest of the world lives in economic fear. We no longer have access to free and fair media; our political and judicial systems can be bought; and our democracies are on very shaky ground. For the sake of everyone, in every country, we need to address this now. Politicians must show their mettle; they must tax the super-rich."
Marlene Engelhorn, activist and co-founder of taxmenow
Here you can find you can find the open letter and the list of signatories.
Here is a summary of the is a summary of the survey of dollar millionaires in G20 countries on attitudes to extreme wealth. 2,902 people with more than $1 million in assets, excluding the value of their homes, responded to the survey by Survation between November and December 2024 in G20 countries.
Overall results of the survey:
More than half of the millionaires surveyed consider extreme wealth to be a threat to democracy and democratic stability in their country.
75% of millionaires surveyed think that the super-rich buy political influence.
Over 70% think the super-rich disproportionately influence public opinion through control of the media and social media.
Over 70% believe that extremely wealthy individuals use the law to their own advantage and buy access to decision-makers.
7 out of 10 believe that the influence of the super-rich is reducing public trust in major institutions that hold societies together, such as the media, the judiciary and democracy.
When searching for solutions to curb extreme wealth, 7 in 10 think taxes should be raised on the super-rich to help reduce current levels of inequality and invest in public services.
However, most people question whether or not our political leaders will address this problem. Over half of millionaires surveyed do not believe that our political leaders have the will to tackle extreme wealth.
The US election has proved to be an example of the concerns of millionaires from around the world about the influence of the super-rich. Two-thirds of millionaires felt that super-rich individuals were interfering in the 2024 US election inappropriately.
63% believe that the role the super-rich will play under Donald Trump's presidency is a threat to global stability.
