The group calling itself the “Patriotic Millionaires” said that the ultra-wealthy were not currently being forced to pay their share of the global economic recovery from the pandemic.
Zurich: A group of more than 100 billionaires and millionaires has issued a plea to political and business leaders convening virtually for the World Economic Forum: make us pay more tax.
Reuters reported last year on the staggering rise in billionaires’ wealth in 2020, as the world went into lockdown and the global economy faced its worst recession since World War Two, prompting the millionaires’ group to call for higher taxes.
Over the course of the two years of the pandemic, the fortunes of the world’s 10 richest individuals have risen to $1.5 trillion – or by $15,000 a second – a study by Oxfam this week showed.
A spokesperson for the World Economic Forum said paying a fair share of taxes was one of the forum’s tenets, and a wealth tax -as exists in Switzerland, where the organisation is based -could be a good model to deploy elsewhere.