A group of millionaires are asking governments to make them pay more taxes to help narrow the wealth gap.
A group of super-wealthy individuals wrote an open letter saying the current tax system is unfair and leads to an erosion of trust.
The group said that most of us can say that the world has gone through an immense amount of suffering in the last two years, yet we have actually seen our wealth rise during the epidemic.
The group members include Disney heiress and advocate of higher taxes for the very wealthy, and her brother and early Amazon investor. The letter was signed by people from nine countries, including the US, UK, Canada, and Germany.
The group argues in a letter that the international tax system has created a lack of trust between regular people and the elites.
The rich have to pay their fair share. They wrote that they should be taxed, the rich and now. The letter didn't give any recommendations for increased taxation.
The virtual World Economic Forum, where world leaders and corporate power brokers meet to discuss key global challenges and solutions, coincides with the letter. It is held in the Swiss mountain resort of Davos every year.
The forum has produced little tangible value, according to the group of millionaires.
The people of the world will continue to see their dedication to fixing the world's problems as little more than a performance until participants acknowledge the simple, effective solution staring them in the face.
The WEF did not reply to Insider's request for comment, but told the news agency that paying a fair share of taxes is one of the forum's key principles.
The super-wealthy have called for a wealth tax before. Millionaires for Humanity called for a permanent tax increase on the wealthiest people in the world in an open letter in June. The Financial Times reported last year that other informal groups of super-rich people are urging governments to tax them more.
Most countries don't have a wealth tax, according to a report. The World Bank urged countries to consider instituting a wealth tax to narrow the gap between rich and poor. According to the report, Argentina and Colombia are the only two countries that have created new wealth taxes.
On Monday, Oxfam urged governments toclaw back gains made by the wealthy during the Pandemic through taxation. The wealth of the world's 10 richest men more than doubled in the midst of the public health crisis, according to the charity.
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