At the World Economic Forum, which is being held virtually in Davos, Switzerland, a group called "Patriotic Millionaires" has called for a global wealth tax.
"As millionaires, we know that the current tax system is not fair," the group of more than 100 billionaires and millionaires stated.
"Most of us can say that, while the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic - yet few if any of us can honestly say that we pay our fair share in taxes," they wrote in an open letter.
Abigail Disney, Disney heiress, and venture capitalist Nick Hanauer are among the signatories.
According to a study conducted by the Patriotic Millionaires, Oxfam, and other non-profits, a progressive wealth tax starting at 2% for those with more than $5 million and rising to 5% for billionaires could raise $2.52 trillion, enough to lift 2.3 billion people out of poverty and ensure healthcare and social protection for people in low-income countries.
According to the Oxfam report 'Inequality Kills,' there has been the largest increase in billionaire wealth since records began.
This is due to the fact that billionaires' wealth has increased by €4.35 trillion since the pandemic began two years ago, with a new billionaire being created every 26 hours.
Inequality, on the other hand, is estimated to be responsible for the deaths of at least 21,000 people every day, or one every four seconds, according to a report released ahead of the World Economic Forum's virtual Davos Agenda.
This is based on global deaths caused by factors such as a lack of healthcare, gender-based violence, hunger, and climate change.
"Central banks pumped trillions of euros into financial markets to save the economy, yet much of that has ended up lining the pockets of billionaires riding a stock market boom," said Jim Clarken, CEO of Oxfam Ireland.
By fLEXI tEAM