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In 2024, wealth concentration reached an all-time high. according to Forbes list of billionairesnot only are there more billionaires than ever — 2,781 — but those billionaires are richer than ever, with a combined net worth of $14.2 trillion. This is a trend that will continue unabated. A final report Financial data company Altrata estimates that about 1.2 million individuals with a net worth of more than $5 million will move to a collective wealth of about $31 trillion over the next decade.
Dissatisfaction and anxiety about the consequences of excessive wealth are growing in our society. For example, Senator Bernie Sanders stated that “America’s obscene level of income and wealth inequality is a deeply moral issue.” a Joint op-ed for CNN In 2023, Democratic Congresswoman Barbara Lee and Disney heiress Abigail Disney wrote that “extreme wealth inequality is a threat to our economy and our democracy.” When Tesla’s board voted on a $56 billion pay package for Elon Musk in 2024, some major shareholders voted against it, saying such a level of compensation was “absurd.”ridiculous.”
In 2025, the fight against growing wealth inequality will be the main topic of the political agenda. In July 2024, the G20 – the world’s 20 largest economies – agreed to work on Brazil’s proposal to introduce a new global “.the billionaire tax” which would levy a 2 percent tax on assets worth more than $1 billion. It will attract about 250 billion dollars a year. Although this particular proposal was not confirmed in the Rio declaration, the G20 countries agreed the super rich should be taxed more.
Progressive politicians will not be the only ones trying to solve this problem. In 2025, millionaires themselves will increasingly mobilize and put pressure on political leaders. It is such an action Patriotic Millionairesa nonpartisan group of multimillionaires who already campaign publicly and privately lobby the US Congress to protect a living wage for all, a fair tax system, and equal representation. “The millionaires and big corporations who benefit the most from our country’s wealth must pay more interest to run the country.”, says their value statement. Members include Abigail Disney, former BlackRock executive Morris Pearl, legal scholar Lawrence Lessig, screenwriter Norman Lear, and investor Lawrence Benenson.
It is another example TaxMeNowA lobby group founded in 2021 by young multimillionaires in Germany, Austria, and Switzerland, who also support higher wealth taxes. Its most famous member is 32-year-old Marlene Engelhorn, a descendant of Friedrich Engelhorn, the founder of the German pharmaceutical giant BASF. He recently set up a council of 50 randomly selected Austrian citizens to decide what should happen to his €25 million inheritance. “I inherited a fortune, and therefore power, for which I have done nothing,” he said. “If the politicians don’t do their job and redistribute, I have to redistribute my wealth.”
Earlier this year, Patriotic Millionaires, TaxMeNow, Oxfam and another activist group Millionaires for Humanity He founded a coalition called Proud to Pay and addressed a letter to global leaders during the annual meeting of the World Economic Forum in Davos. The letter, signed by hundreds of high-net-worth individuals including heiress Valerie Rockefeller, actor Simon Pegg and film director Richard Curtis, said: “We all know the ‘down economy’ is not a reality.” Instead, he gave us stagnant wages, crumbling infrastructure, failing public services and the destabilization of the institution of democracy.” It concluded: “We implore you to take this necessary and inevitable step before it is too late. Make your countries proud. Tax the super-wealth.” In 2025, these calls will be amplified by a budding movement of activist millionaires.
