British News Agency

Published to coincide with the World Economic Forum in Davos, the open letter urges global leaders attending this week’s conference to close the ever-widening gap between the super-rich and everyone else.

Signed by prominent figures including actor and filmmaker Mark Ruffalo, musician Brian Eno, and filmmaker and philanthropist Abigail Disney, the letter states that extreme wealth corrupts politics, fuels social exclusion, and exacerbates the climate emergency.

The letter says: “A handful of global oligarchs with extreme wealth have bought our democracies; captured our governments; silenced the freedom of our media; exerted pressure on technology and innovation; deepened poverty and social exclusion, and accelerated the collapse of our planet. What both the rich and the poor value is being destroyed by those intent on widening the gulf between their immense power and everyone else.

We all know this. When even millionaires like us acknowledge that extreme wealth causes everyone else to lose everything, there is no doubt that society is dangerously teetering on the edge.”

According to Forbes, after being re-elected as president, Donald Trump formed the wealthiest cabinet in U.S. history last year, with an estimated combined net worth of $7.5 billion as of last August.

A survey conducted for the Patriotic Millionaires group, which campaigns for higher taxes on the super-rich, found that 77% of millionaires in G20 countries believe that extremely wealthy individuals buy political influence.

The survey of 3,900 people from G20 countries with assets exceeding $1 million excluding their homes also showed that three-fifths of respondents believe Trump has a negative impact on global economic stability. The survey was conducted before the U.S. president threatened to impose new tariffs on European countries if no agreement was reached on the purchase of Greenland.

More than 60% of respondents were concerned that extreme wealth poses a threat to democracy. Two-thirds supported higher taxes on the super-rich to invest in public services, while only 17% opposed.

Development charity Oxfam reported a record figure this week. Last year, the number of billionaires increased, pushing the global total past 3,000 for the first time.