World's richest offer to pay more tax at Davos

Hundreds of the world's richest people have sent an open letter to international leaders at the World Economic Forum in Davos, Switzerland, asking to be taxed more heavily, to lessen the impact of growing societal inequality.

In a letter titled "Proud to Pay", more than 250 billionaires and millionaires, including entertainment company heir Abigail Disney and Valerie Rockefeller from the famously wealthy US dynasty, argue that they would not feel any financial impact from paying more tax because of their extreme wealth, but that what they called "unproductive private wealth "would become "an investment for our common democratic future".

"Our request is simple: We ask you to tax us, the very richest in society," said the letter, signed by people from 17 countries. "This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations' economic growth… inequality has reached a tipping point, and its cost to our economic, societal and ecological stability risk is severe — and growing every day. In short, we need action now."

A recent survey carried out on behalf of campaign group Patriotic Millionaires questioned more than 2,300 people with wealth of more than $1 million.

It showed that 74 percent backed higher taxes on the rich to subsidize public services and address the challenges of the cost of living crisis.

"This poll seems to show that the whole world, including the richest people, wants to tax the super-rich," United Kingdom agriculture entrepreneur Guy Singh-Watson told The Guardian. "So where on earth is the leadership from our elected representatives who have the power to actually do it? We, the very richest, are sick and tired of inaction, so it's hardly surprising that working people, at the sharp end of our rigged economies, have lost all patience."

The letter said: "Every moment of delay entrenches the dangerous economic status quo, threatens our democratic norms, and passes the buck to our children and grandchildren. Not only do we want to be taxed more but we believe we must be taxed more."

The idea of trickle-down economics, it said, was proved not to work, and unless it is rejected, could even pose a threat to democracy.

"It has given us stagnating wages, crumbling infrastructure, failing public services, and destabilized the very institution of democracy," the letter continued.

"It has created a shameful economic system incapable of providing a brighter, more sustainable future. These challenges will only worsen if you fail to address extreme wealth inequality."