In his farewell speech, former US President Joe Biden warned of an end to democracy if more and more power were concentrated in the hands of individual oligarchs. Countless billionaires also see a similar danger. On the sidelines of the World Economic Forum, they called for higher taxes on the super-rich and redistribution of wealth.
Extreme wealth is a danger to democracy because it is often accompanied by political influence, about 370 signatories warn in an open letter to heads of state and government, including Austrian social activist and heiress to millions Marlene Engelhorn. “Our experience shows us that the super-rich have more say than anyone else. “That’s the uncomfortable truth,” he says. The solution is simple and quick: “You have to tax us, the super-rich.”
Too strong political influence
The campaign was organized by, among others, development organization Oxfam and the ‘Patriotic Millionaires’ network, an association of wealthy Americans who demand a fair tax system.
According to a survey commissioned by this network, 63 percent of millionaires worldwide assess the influence of super-rich people 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 disproportionately influence public opinion through control of the media and social media.
Schallenberg represents Austria at meetings
More than sixty heads of state and government are expected at the five-day meeting in the Swiss Alps that started on Monday under the motto ‘Cooperation in the smart era’. According to organizers, Trump will also participate via video link on Thursday. Austrian Foreign Minister and interim Chancellor Alexander Schallenberg will be there from Wednesday to Friday.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
