In 2024, wealth focus rose to an all-time excessive. In response to Forbes’ Billionaires List, not solely are there extra billionaires than ever—2,781—however these billionaires are additionally richer than ever, with an mixture value of $14.2 trillion. It is a pattern that appears set to proceed unabated. A recent report from the monetary information firm Altrata estimated that about 1.2 million people who’re value greater than $5 million will cross on a collective wealth of virtually $31 trillion over the following decade.
Discontentment and concern over the implications of maximum wealth in our society is rising. Senator Bernie Sanders, as an example, said that the “obscene level of income and wealth inequality in America is a profoundly moral issue.” In a joint op-ed for CNN in 2023, Democratic congresswoman Barbara Lee and Disney heiress Abigail Disney wrote that “excessive wealth inequality is a risk to our financial system and democracy.” In 2024, when the board of Tesla put to vote a $56 billion pay bundle for Elon Musk, some main shareholders voted towards it, declaring that such a compensation degree was “absurd” and “ridiculous.”
In 2025, the combat towards rising wealth inequality can be excessive on the political agenda. In July 2024, the G20—the world’s 20 greatest economies—agreed to work on a proposal by Brazil to introduce a brand new world “billionaire tax” that will levy a 2 p.c tax on property value greater than $1 billion. This might increase an estimated $250 billion a yr. Whereas this particular proposal was not endorsed within the Rio declaration, the G20 international locations agreed that the tremendous wealthy needs to be taxed extra.
Progressive politicians gained’t be the one ones attempting to handle this downside. In 2025, millionaires themselves will more and more mobilize and put stress on political leaders. One such motion is Patriotic Millionaires, a nonpartisan group of multimillionaires who’re already publicly campaigning and privately lobbying the American Congress for a assured residing wage for all, a good tax system, and the safety of equal illustration. “Millionaires and large corporations—who have benefited most from our country’s assets—should pay a larger percentage of the tab for running the country,” reads their worth assertion. Members embrace Abigail Disney, former BlackRock govt Morris Pearl, authorized scholar Lawrence Lessig, screenwriter Norman Lear, and investor Lawrence Benenson.
One other instance is TaxMeNow, a foyer group based in 2021 by younger multimillionaires in Germany, Austria, and Switzerland which additionally advocates for larger wealth taxation. Its most well-known member is the 32-year previous Marlene Engelhorn, descendant of Friedrich Engelhorn, founding father of German pharma large BASF. She just lately arrange a council made up of fifty randomly chosen Austrian residents to resolve what ought to occur to her €25 million inheritance. “I’ve inherited a fortune, and due to this fact energy, with out having accomplished something for it,” she mentioned in a press release. “If politicians don’t do their job and redistribute, then I’ve to redistribute my wealth myself.”
Earlier this yr, Patriotic Millionaires, TaxMeNow, Oxfam, and one other activist group known as Millionaires For Humanity fashioned a coalition known as Proud to Pay Extra, and addressed a letter to world leaders through the annual gathering of the World Financial Discussion board in Davos. Signed by a whole bunch of high-net-worth people—together with heiress Valerie Rockefeller, actor Simon Pegg, and filmmaker Richard Curtis—the letter said: “Everyone knows that ‘trickle down economics’ has not translated into actuality. As an alternative it has given us stagnating wages, crumbling infrastructure, failing public companies, and destabilized the very establishment of democracy.” It concluded: “We ask you to take this mandatory and inevitable step earlier than it’s too late. Make your international locations proud. Tax excessive wealth.” In 2025, due to the nascent motion of activist millionaires, these calls will develop even louder.
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