Nearly 80 percent of millionaires think the super-rich buy political influence

As political leaders gather for the World Economic Forum Annual Meeting in Davos, Switzerland, millionaires from around the world say elected representatives must tackle the existential global crisis posed by extreme wealth, by taxing the super-rich.

The super-rich buy political influence

Polling on behalf of Patriotic Millionaires has found that 77 percent of millionaires polled from G20 countries think extremely wealthy individuals buy political influence. 71 percent believe that those with extreme amounts of wealth can use it to significantly influence election outcomes.

Donald Trump’s presidency was also critiqued by the millionaires. Six in ten believe it has had both a negative impact on global economic stability and a negative impact on affordability for everyday people.

But while his presidency has sent a clear warning sign to the rest of the world about the power of the super-rich, this is not solely a US phenomenon. The danger of extreme wealth is undermining societies worldwide.

The polling, of 3,900 millionaires, also found:

• 82 percent think there should be a limit to how much money politicians and political parties can receive from individuals.
• 62 percent think that extreme wealth is a threat to democracy.
• Six in ten think that extreme wealth prevents ordinary people from living a decent life and is damaging social trust.
• 69 percent think the influence of the super-rich over politicians is preventing action on tackling inequality.
• Only 17 percent oppose higher taxes on the richest to invest in public services and tackle the cost of living. 65 percent support higher taxes on the super-rich.

Millionaires and billionaires call for change

The survey comes as nearly 400 millionaires and billionaires from 24 countries have signed an open letter, Time To Win. Signatories include Mark Ruffalo, Brian Cox, Brian Eno and Abigail Disney. It calls on global leaders attending the conference in Davos to win back our futures by taxing the super-rich.

The letter, coordinated by Patriotic Millionaires, Millionaires for Humanity and Oxfam International, states:

When even millionaires, like us, recognise that extreme wealth has cost everyone else everything else, there can be no doubt that society is dangerously teetering off the edge of a precipice. We are worn out watching this happen.

We want our democracies back. We want our communities back. We want our future back.

Mark Ruffalo, award-winning American actor and director, said:

Americans are confronted with the challenge of a lawless president who believes that the only limit to his power is his own morality and mind.

But Donald Trump and the unique threat that he poses to American democracy did not come about overnight. Extreme wealth inequality enabled his every step, and is the root cause of the trend towards authoritarianism we’re witnessing in the US and around the world.

If leaders at Davos are serious about the threat to democracy and the rule of law, they must get serious about combatting extreme wealth concentration. That includes taxing wealthy people like me too. If we are to have democracy, not oligarchy, taxing the rich is essential to giving power back to the people.

New figures from Oxfam International show just how vast the public to private wealth transfer has been over the last 50 years. The richest 1% now own three times more wealth than the world’s total public wealth.

In 1975 the gap between public and private wealth was around $36tn. By 2024 the difference was $435tn. And if this growth continues on the same trajectory, by 2075 private wealth will have surged ahead of public wealth by almost $900tn.

Public wealth includes assets owned by society, like public land and parks, hospitals, schools, road networks, barracks, social housing and law courts.

Brian Eno, musician, artist and member of Patriotic Millionaires UK, said:

It is impossible to ignore the brutal levels of economic inequality people are living with, and it’s only getting worse. Over the past few years we have felt the full force of extreme wealth stripping us of our political power, our economic security, and the public wealth we share as a country.

The super-rich have been winning for long enough, now it’s time for everyone else to win. We want our security back, our communities back, the wealth of our countries back – and we want our democracies back. It’s time to tax the super-rich.

Amitabh Behar, Oxfam International executive director, said:

Last year the rise in billionaire wealth was unprecedented. The super-rich are being given complete free rein, it is beyond comprehension that the richest 1% now own three times more than the world’s total public wealth combined.

It’s a stark indictment that illustrates just how nonsensical the gulf now is between oligarchs and the rest of humanity. Governments must implement taxes on the super-rich now and prioritize reducing inequality, the world cannot continue on this obscene trajectory.

Featured image via the Canary