In 2024, wealth focus rose to an all-time excessive. Based on Forbes’ Billionaires Listing, not solely are there extra billionaires than ever—2,781—however these billionaires are additionally richer than ever, with an combination price of $14.2 trillion. It is a pattern that appears set to proceed unabated. A current report from the monetary information firm Altrata estimated that about 1.2 million people who’re price greater than $5 million will move on a collective wealth of just about $31 trillion over the subsequent decade.
Discontentment and concern over the results of maximum wealth in our society is rising. Senator Bernie Sanders, for example, said that the “obscene degree of revenue and wealth inequality in America is a profoundly ethical situation.” 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 menace to our economic system and democracy.” In 2024, when the board of Tesla put to vote a $56 billion pay bundle for Elon Musk, some main shareholders voted towards it, declaring that such a compensation degree was “absurd” and “ridiculous.”
In 2025, the battle towards rising wealth inequality can 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 international “billionaire tax” that may levy a 2 p.c tax on belongings price greater than $1 billion. This may increase an estimated $250 billion a 12 months. Whereas this particular proposal was not endorsed within the Rio declaration, the G20 international locations agreed that the tremendous wealthy needs to be taxed extra.
Progressive politicians gained’t be the one ones attempting to handle this downside. In 2025, millionaires themselves will more and more mobilize and put strain 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 huge firms—who’ve benefited most from our nation’s belongings—ought to pay a bigger share of the tab for operating the nation,” reads their worth assertion. Members embrace Abigail Disney, former BlackRock govt 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 greater wealth taxation. Its most well-known member is the 32-year previous Marlene Engelhorn, descendant of Friedrich Engelhorn, founding father of German pharma big BASF. She not too long ago 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 subsequently energy, with out having achieved 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 12 months, Patriotic Millionaires, TaxMeNow, Oxfam, and one other activist group referred to as Millionaires For Humanity shaped a coalition referred to as Proud to Pay Extra, and addressed a letter to international leaders through the annual gathering of the World Financial Discussion board in Davos. Signed by lots of of high-net-worth people—together with heiress Valerie Rockefeller, actor Simon Pegg, and filmmaker Richard Curtis—the letter said: “Everyone knows that ‘trickle down economics’ has not translated into actuality. As an alternative 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 essential and inevitable step earlier than it’s too late. Make your international locations proud. Tax excessive wealth.” In 2025, due to the nascent motion of activist millionaires, these calls will develop even louder.
