In 2024, wealth focus rose to an all-time excessive. In keeping with Forbes’ Billionaires Listing, not solely are there extra billionaires than ever—2,781—however these billionaires are additionally richer than ever, with an mixture value of $14.2 trillion. It is a development that appears set to proceed unabated. A current report from the monetary knowledge firm Altrata estimated that about 1.2 million people who’re value greater than $5 million will go on a collective wealth of virtually $31 trillion over the following decade.
Discontentment and concern over the implications of utmost wealth in our society is rising. Senator Bernie Sanders, as an illustration, acknowledged that the “obscene stage of revenue and wealth inequality in America is a profoundly ethical difficulty.” In a joint op-ed for CNN in 2023, Democratic congresswoman Barbara Lee and Disney heiress Abigail Disney wrote that “excessive wealth inequality is a risk to our economic system and democracy.” In 2024, when the board of Tesla put to vote a $56 billion pay package deal for Elon Musk, some main shareholders voted towards it, declaring that such a compensation stage was “absurd” and “ridiculous.”
In 2025, the struggle towards rising wealth inequality might be excessive on the political agenda. In July 2024, the G20—the world’s 20 greatest economies—agreed to work on a proposal by Brazil to introduce a brand new world “billionaire tax” that will levy a 2 % tax on belongings value greater than $1 billion. This may elevate an estimated $250 billion a yr. Whereas this particular proposal was not endorsed within the Rio declaration, the G20 nations agreed that the tremendous wealthy ought to be taxed extra.
Progressive politicians received’t be the one ones attempting to handle this drawback. In 2025, millionaires themselves will more and more mobilize and put stress on political leaders. One such motion is Patriotic Millionaires, a nonpartisan group of multimillionaires who’re already publicly campaigning and privately lobbying the American Congress for a assured dwelling wage for all, a good tax system, and the safety of equal illustration. “Millionaires and enormous firms—who’ve benefited most from our nation’s belongings—ought to pay a bigger share of the tab for working the nation,” reads their worth assertion. Members embrace Abigail Disney, former BlackRock government Morris Pearl, authorized scholar Lawrence Lessig, screenwriter Norman Lear, and investor Lawrence Benenson.
One other instance is TaxMeNow, a foyer group based in 2021 by younger multimillionaires in Germany, Austria, and Switzerland which additionally advocates for larger wealth taxation. Its most well-known member is the 32-year outdated Marlene Engelhorn, descendant of Friedrich Engelhorn, founding father of German pharma big BASF. She just lately arrange a council made up of fifty randomly chosen Austrian residents to determine what ought to occur to her €25 million inheritance. “I’ve inherited a fortune, and due to this fact energy, with out having carried out something for it,” she mentioned in an announcement. “If politicians don’t do their job and redistribute, then I’ve to redistribute my wealth myself.”
Earlier this yr, Patriotic Millionaires, TaxMeNow, Oxfam, and one other activist group known as Millionaires For Humanity fashioned a coalition known as Proud to Pay Extra, and addressed a letter to world leaders through the annual gathering of the World Financial Discussion board in Davos. Signed by a whole lot of high-net-worth people—together with heiress Valerie Rockefeller, actor Simon Pegg, and filmmaker Richard Curtis—the letter acknowledged: “Everyone knows that ‘trickle down economics’ has not translated into actuality. As a substitute it has given us stagnating wages, crumbling infrastructure, failing public companies, and destabilized the very establishment of democracy.” It concluded: “We ask you to take this mandatory and inevitable step earlier than it’s too late. Make your nations proud. Tax excessive wealth.” In 2025, because of the nascent motion of activist millionaires, these calls will develop even louder.
