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Governments at Davos under pressure, as activists across the world demand they tax the rich

18 January 2023

As protests mount, figures released today show that $1.7 trillion could have been raised by wealth taxes on the ultra rich in 2022 alone and used to tackle inequality in 60 countries across the world. From Davos to Delhi, London to Lusaka, Mexico City to Manila, people are taking to the streets  demanding that the richest be taxed more.

Jenny Ricks, Global Convenor of Fight Inequality Alliance said: “Activists protesting this week are asking a simple and pointed question of their governments - why won’t you tax the rich? People are facing deepening crises from the cost of living to a lack of decent work, the impacts of the climate emergency to underfunded public services teetering on the brink, whilst the richest get richer.

“$1.7 trillion is a staggering amount of revenue - imagine how far this could go in these desperate times. Change is possible - people are showing their political leaders they will no longer tolerate them only serving the interests of the rich, and not the majority.”

Over the last decade the inequality divide has grown sharply, the total number of people in the world with at least $5 million dollars in net wealth has grown by 53% and individuals with a net wealth of $50 million or more, have enjoyed similar growth levels. Meanwhile, the global billionaire class has more than doubled and their wealth has skyrocketed at a similar rate - 99.6% . This is a gain of more than $5.9 trillion – almost twice as much as the combined GDP of Africa – a continent with over 1.3 billion people.

As government leaders gather in Davos, they face growing demands at home to make radical changes to fight inequality. Some governments are showing the way, with different forms of wealth taxes recently passed in Argentina, Spain and Colombia.

Some examples of what national wealth taxes could raise are:

  1. In the United States, a wealth tax of 2 percent on millionaires with wealth over $5 million, 3 percent on those with wealth above $50 million, and 5 percent on American billionaires would raise $583.5 billion annually.

  2. As President Marcos Jr of the Philippines attends Davos, a wealth tax of 2 percent on millionaires with wealth over $5 million, 3 percent on those with wealth above $50 million, and 5 percent on Filipino billionaires would raise $3.8 billion annually.

  3. In Mexico, a wealth tax of 2 percent on millionaires with wealth over $5 million, 3 percent on those with wealth above $50 million, and 5 percent on Mexican billionaires would raise $14.1 billion annually.

  4. In Kenya, a wealth tax of 2 percent on the millionaires and 3 percent on those with wealth above $50 million would raise $730 million annually.

  5. In India, a wealth tax of 2 percent on millionaires with wealth over $5 million, 3 percent on those with wealth above $50 million, and 5 percent on Indian billionaires would raise $51.7 billion annually.

  6. In South Africa, a wealth tax of 2 percent on millionaires with wealth over $5 million, 3 percent on those with wealth above $50 million, and 5 percent on South African billionaires would raise $4.9 billion annually.

For more information and to arrange interviews with global spokespeople please contact Asha Tharoor on  asha@ashatharoor.com or +44(0)7813 688680.

Note to Editors:

  1. The study reveals that national wealth taxes on the richest people in 60 countries could raise a staggering $1.7 trillion in revenue. The full report contains the wealth tax calculations for all 60 countries.

  2. Find the full report by Fight Inequality Alliance, The Institute for Policy Studies, Oxfam and the Patriotic Millionaires, using data from Wealth X and the Forbes Billionaire List: Extreme Wealth: The growing number of people with extreme wealth and what an annual wealth tax could raise here.  Spanish version

  3. For more information on the protests held as part of the Global Protest to Fight Inequality, 14-21 January, visit www.fightinequality.org.

  4. The protest actions culminate in Black Band Friday on 20th January as the WEF closes in Davos, when thousands of people across the world will wear a black armband to show that they demand their governments introduce a wealth tax.