This article discusses the growing issue of wealth inequality, highlighting the record-breaking concentration of wealth in 2024 and the increasing calls for solutions. It explores the concerns raised by politicians and the public, and examines the potential impact of a global 'billionaire tax' proposed by the G20.
In 2024, wealth concentration reached an all-time high. According to Forbes’ Billionaires List, there are more billionaires than ever—2,781—and those billionaires are also richer than ever, with an aggregate worth of $14.2 trillion. This trend is expected to continue. A recent report from the financial data company Altrata estimated that about 1.2 million individuals with a net worth of more than $5 million will pass on a collective wealth of almost $31 trillion over the next decade.
Discontentment and concern over the consequences of extreme wealth in society are growing. Senator Bernie Sanders stated that the “obscene level of income and wealth inequality in America is a profoundly moral issue.” In 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 democracy.” When the board of Tesla put to a vote a $56 billion pay package for Elon Musk in 2024, some major shareholders voted against it, declaring that such compensation was “absurd” and “ridiculous.” In 2025, the fight against rising wealth inequality will be a top priority on the political agenda. In July 2024, the G20—the world’s 20 biggest economies—agreed to work on a proposal by Brazil to introduce a new global “billionaire tax” that would levy a 2 percent tax on assets worth more than $1 billion. This would raise an estimated $250 billion a year. While this specific proposal was not endorsed in the Rio declaration, the G20 countries agreed that the super rich should be taxed more. Progressive politicians won’t be the only ones trying to address this problem. In 2025, millionaires themselves will increasingly mobilize and put pressure on political leaders
WEALTHINEQUALITY TAXATION GLOBALECONOMY POLITICS MILLIONAIRES
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