Overview

• An open letter signed by 370 wealthy individuals, including Marlene Engelhorn and Abigail Disney, was presented at the World Economic Forum in Davos, advocating for higher taxes on the superrich.
• The signatories argue that concentrated wealth enables disproportionate political influence, undermining democratic institutions and public trust in media and justice systems.
• A survey by the Patriotic Millionaires group found that 70% of millionaires believe extreme wealth erodes democracy and media credibility, with 63% citing it as a global stability threat tied to political figures like Donald Trump.
• The letter, supported by organizations such as Oxfam and Patriotic Millionaires, emphasizes the urgency of addressing 'wealth extremism' to prevent further harm to democratic foundations.
• The World Economic Forum, hosting over 2,500 global leaders, continues until January 24, with discussions on wealth inequality and its societal impacts taking center stage.