In an interview with Agence France-Presse at the World Economic Forum (WEF), Phil White expressed concern that the rich got richer during the Covid-19 pandemic, while the majority of the population suffered and food and energy prices rose.
One of more than 200 “patriotic millionaires” from 13 countries sending the same message to the world and to the political elite, said White, who gathered in the Swiss city of Davos for the annual forum.
“We have to reduce wealth levels,” White said. “Governments should tax wealth to reduce disparities,” he added.
Among the millionaires who sent out an open letter Wednesday were “people who inherited, people who worked, entrepreneurs, merchants, and different backgrounds,” according to White, an engineer who said he didn’t inherit his fortune but worked hard. He became “rich” when he and his partners sold their consulting firm to private shareholders.
His group includes such people as the American actor Mark Ruffalo, who played the Hulk in the Marvel films, and Abigail Disney, one of the heirs to the Disney empire.
The message of millionaires is supported by a report by the NGO Oxfam, which states that inequalities have worsened significantly over the past ten years. Since 2020, the combined wealth of billionaires has increased by $2.7 billion per day, according to the organization.
Phil White guarantees that the tax increase can start at 1% or 2% per annum on fortunes of four or five million.
“It’s not a huge amount of money. Over time it will start to erode this enormous wealth and hopefully bring the community back together,” he said.
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