Protest in Davos

Millionaires demand: “Tax the super-rich!”

Millionaire heiress Marlene Engelhorn and British millionaire Phil White, one of the founding members of the "Patriotic Millionaires" group, on the sidelines of the World Economic Forum in Davos(Bild: APA/AFP/Fabrice COFFRINI)

In his farewell speech, former US President Joe Biden warned of the end of democracy if more and more power is concentrated in the hands of individual oligarchs. Numerous billionaires also see a similar danger. On the fringes of the World Economic Forum, they called for higher taxes for the super-rich and a redistribution of wealth.

Extreme wealth is a threat to democracy because it often goes hand in hand with political influence, warn around 370 signatories in an open letter to heads of state and government, including Austrian social activist and millionaire heiress Marlene Engelhorn. "Our experience teaches us that the super-rich have more say than anyone else. That is the inconvenient truth," it says. The solution is simple and quick: "You have to tax us, the super-rich."

Many look to a bleak future with Donald Trump at the helm of the USA.(Bild: APA/AP)

Too much political influence
The campaign was organized by the development organization Oxfam and the "Patriotic Millionaires" network, an association of rich Americans who are calling for a fair tax system.

According to a survey commissioned by this network, 63% of millionaires worldwide see the influence of the super-rich such as Tesla boss Elon Musk on US President Donald Trump as a threat to global stability. More than 70 percent believe that the super-rich buy political influence and that they disproportionately influence public opinion by controlling the media and social media.

Schallenberg represents Austria at the meeting
More than 60 heads of state and government are expected to attend the five-day meeting in the Swiss Alps, which began on Monday under the motto "Cooperation in the intelligent age". According to the organizers, Trump will also take part via video link on Thursday. Foreign Minister and Interim Chancellor Alexander Schallenberg will be attending from Wednesday to Friday from Austria.