For Immediate Release
Tuesday, January 21, 2025
Contact: Emily McCloskey
emily@patrioticmillionaires.org
Nearly two-thirds of millionaires think influence of the super rich on Trump presidency is threat to global stability
New poll shows millionaires deeply concerned about the impact of extreme wealth as more than 370 millionaires and billionaires sign open letter to world leaders at Davos demanding they draw the line and tax the super rich
DAVOS, SWITZERLAND – As the global elite gather in Davos this week for the Annual Meeting of the World Economic Forum, a new poll reveals that 63 percent of millionaires around the world think the influence of the super rich on the Trump presidency is a threat to global stability. The poll was released alongside We Must Draw The Line, an open letter from millionaires and billionaires urging elected leaders to tackle the corrosive impact of extreme wealth on our democracies and broader society.
More than 370 millionaires and billionaires, spanning 22 countries, including Abigail Disney, Marlene Engelhorn, Brian Eno, and Richard Curtis, signed the letter, which was published following the inauguration of billionaire President Donald Trump.
Abigail Disney, Emmy Award-winning documentary filmmaker and member of the Patriotic Millionaires, said: “It’s easy to see the election of a figure like Donald Trump as an aberration, but that’s not the case. Donald Trump – along with his so-called ‘first buddy,’ Elon Musk – is the final and inevitable conclusion of decades of inaction on the part of world leaders to put a check on extreme inequality. It’s hard to be optimistic about what lies ahead over the next four years – and maybe more – but if officials want to do something to ensure the stability of our democracies, they need only find the political resolve to once and for all tax wealthy people like me.”
The poll of millionaires takes a deep dive into the risks and impact of extreme wealth and the political solutions to address it. It was conducted by Survation between November and December 2024 on 2,902 people from G20 countries with investable assets over $1 million, excluding their homes.
Key findings from the poll include:
- 55 percent believe extreme wealth is a threat to democracy
- 54 percent believe extreme wealth is a threat to the democratic stability of their country
- 67 percent believe that the super rich interfered inappropriately in the 2024 US election
- 63 percent believe that the role the super rich will play in Donald Trump’s presidency is a threat to global stability
- 75 percent think that the super rich buy political influence
- 72 percent think that the super rich disproportionately influence public opinion through control of the media
- 71 percent think that the super rich disproportionately influence public opinion through control of social media platforms
- 71 percent believe the influence of the super rich is leading to a decline in trust of the media
- 71 percent believe the influence of the super rich is leading to a decline in trust of the justice system
- 69 percent believe the influence of the super rich is leading to a decline in trust in democracy
- 72 percent are in favor of increasing taxes on the super rich to help reduce inequality and invest in public services
- 55 percent do not believe political leaders have the will to tackle extreme wealth
The Survation poll was commissioned by Patriotic Millionaires International, who worked with Oxfam, Millionaires for Humanity, and taxmenow to organize the letter, We Must Draw The Line. The open letter to world leaders at Davos states: “Wealth is no longer simply about worth. It is about control. If you, our elected leaders, continue to neglect the crisis of wealth extremism, the fractured foundations of our hard-won democracies will face further harm.”
Dr. Phil White, member of Patriotic Millionaires UK, said: “Let’s be honest, extreme wealth is causing people and families everywhere serious economic harm, while the wealth, control, and power of billionaires and multi-millionaires is endlessly growing. There is a reason that people think their politicians will do nothing about it – for the last 50 years they have neglected to address growing economic inequality, so the consequence of this extreme division must now be dealt with. This decision should be as plain as day for our political representatives – they have to rein in extreme wealth by taxing the super rich.”
Emmy and Golden Globe-winning actor Brian Cox, who played fictional billionaire Logan Roy in HBO’s Succession, said: “Recent events have shown that the political influence of billionaires and those with extreme wealth is an extreme risk to society. The super-rich now manage so much more than money: they manage what we read, what we watch, the information we’re given, and ultimately, how we vote. When a super-rich elite is determining the outcome of elections purely to protect their vested interests and accelerate profits, it’s clear that we are in a terrifying age of wealth extremism. Our leaders have lacked the backbone needed to rein in political capture and put ordinary people first. It’s time we draw the line and tax the super rich.”
The risks associated with extreme wealth are of rising concern around the world. As it has spiraled, comprehensive solutions to address it are being proposed and considered by economists, political representatives, civil society, millionaires, and the public. In an upcoming report being released later this week from the New Economics Foundation and Patriotic Millionaires, the notion of an extreme wealth line is promoted as a new metric to help understand the point at which extreme wealth concentration begins to harm society and the planet.
Millionaire representatives, including Dr. Phil White and Marlene Engelhorn, are in Davos to hand over the letter to Davos attendees.
On the campaign, Marlene Engelhorn, activist and co-founder of taxmenow, said: “The super rich are buying themselves more wealth and more power while the rest of the world is living in economic fear. We no longer have access to free and fair media; our political and legal systems can be bought; and our democracies are on very shaky ground. For all our sake, in every country, we have to tackle this now. Politicians need to show their mettle; they need to tax the super rich.”
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The following Patriotic Millionaires are available for interviews during Davos:
- Morris Pearl – Chair of the Patriotic Millionaires and former Managing Director at BlackRock
- John Driscoll – Chair of Magnit Global and former Executive Vice President of Walgreens Boots Alliance
- Scott Ellis – Founder and CEO of MasteryTrack and Board Member of the Excessive Wealth Disorder Institute
Two members from allied organizations – Dr. Phil White from Patriotic Millionaires UK and Marlene Engelhorn from taxmenow – are in Davos for interested media.
For interview requests with these individuals or other members of the Patriotic Millionaires, please contact Emily McCloskey at emily@patrioticmillionaires.org.