A letter of hope from millionaires around the world
At a time of immense pressure and of ongoing shocks around the globe, we understand there is a greater need to consider how we all contribute. Our world is a place of instability and imbalance; it is a place we experience fear for our children and their future. We see the democracy among our long-term allies eroding from polarisation made worse by inequality.
This rising inequality threatens to undermine the social contract we have all built over many decades . For too many people now, life is a constant up-hill battle. But it doesn’t have to be this way.
On 24 March, voters in Denmark will go to the polls for the country’s general election. The Danish Prime Minister has put a wealth tax at the centre of her re-election campaign. Denmark isn’t the only place to call for the super-rich to contribute more in order to address the crippling inequality that is costing them of their public wealth. Wealth taxes are also on the table in New York and California, discussions are active in France, Italy, Brazil, the Phillipines, Australia and beyond, and in Sweden - a country which abolished its wealth tax - pensioners have expressed their regret at the negative impact this has had on younger generations.
Scandinavia is the economic example the rest of the world looks towards. But social and economic success does not come for free. It takes investment, which cannot fall on our children - as millionaires, we want to contribute. We support the introduction of a wealth tax.
The current election has opened up a heated debate on whether people such as ourselves should contribute more. Some have claimed that the desire to tax us is driven by envy and will hurt our society. But the Danish experience shows that it is possible to have a strong economy, with a vibrant private sector, while also ensuring that those with the broadest shoulders pay their fair share. We can celebrate the contribution that our businesses make to our countries and also be proud of a societal model that provides economic safety nets and welfare for the many. We believe that taxing us is not a sign of envy, but crucial for the social contract.
As millionaires we can afford to contribute more, and we want to invest in improving our countries. We would be proud to pay a wealth tax to reverse the trend in growing inequality and to ensure a sustainable future for our kids. Our contributions can deliver stronger and safer places that build a more just society.
While some might threaten to leave, we are here to confirm that we will not be going anywhere. They probably won’t either. A wealth tax is a welcome addition to any country to guarantee it is strong, fair, and vibrant. The cost of our future cannot fall on the young or on those with lower incomes. There are many of us - people with wealth - who will support a more progressive system of taxation. Preparing for a safer and more sustainable future is more valuable than growing our wealth.
The opportunity for Denmark to implement a wealth tax - a country that has always prided itself on traditions of fairness - should give us all hope.
Your Sincerely
Members of Patriotic Millionaires and Millionaires for Humanity
