Millionaires are sounding the alarm about democracy — and blaming people like themselves

As wealth inequality widens and billionaires become increasingly enmeshed with politics, the public is growing more and more disillusioned with the ultra-wealthy, and the role they play in society.

It’s not just those with low or median incomes who feel that way. A majority of millionaires now say that extreme wealth is a threat to democracy; that the ultra-rich buy political influence; and that political leaders should do more to tackle extreme wealth, like increasing taxes.

That’s according to a new poll from Patriotic Millionaires, a collection of high-net-worth individuals who advocate for more progressive taxes in order to close the wealth gap. The poll surveyed 3,900 people from G20 countries who have more than $1 million in assets, excluding their homes. The G20 is a group of 19 of the world’s largest economies plus the European Union that meets to coordinate on global economic stability, trade, and financial policy.

Sixty two percent of millionaires polled say that extreme wealth is a threat to democracy—an increase from the 54% who thought so in last year’s poll. More than three quarters say that ultra-wealthy individuals buy political influence. 

Extreme wealth hurts media, social progress, and ordinary people

The poll’s findings come as billionaires and political leaders convene at the World Economic Forum in Davos to address the world’s major issues. But what if the ultra-wealthy themselves are at the center of those problems? 

That’s the consensus of poll respondents: 74% say the extremely wealthy “leverage the law in their own favor,” and 69% say the influence of the superrich over politicians prevents action to address inequality.

A majority also agreed that the concentration of extreme wealth is harmful to a “fair and factual media;” sets back social progress; prevents ordinary people from having a decent standard of living; and even keeps people from making deeper societal connections. 

A report this week from Oxfam backs those claims. The level of billionaire wealth is higher than at any time in history, Oxfam says, with the 12 richest billionaires holding more wealth than the poorest half of humanity—which includes more than four billion people.

Economically unequal countries are up to seven times more likely to experience “democratic erosion” than more equal countries, that report found. Oxfam also estimates that billionaires are over 4,000 times more likely to hold political office than ordinary people, an example of political inequality.

“It should be obvious to anyone, no matter how wealthy, that extreme wealth inequality is destabilizing democracies, economies, and societies around the world. You don’t need a crystal ball,” Claire Trottier, chair of the Board of Patriotic Millionaires Canada, said in a statement released with the Patriotic Millionaires poll. 

Billionaires and politics

The growing role of billionaires in politics is more than just perception: It is a fact.

In 2000, the country’s wealthiest 100 people donated about a quarter of 1% of the total cost of federal elections, according to the Washington Post; by 2024, they covered 7.5%, even as elections got more expensive.

That means about 1 in every 13 dollars spent in 2024’s national elections was donated “by a handful of the country’s richest people,” the outlet wrote. This week alone, Elon Musk donated $10 million to a pro-The President candidate running in the Kentucky senators race. 

Even millionaires want to see this influence reigned in. According to the Patriotic Millionaires poll, a vast majority—82%—of respondents say that there should be a limit to how much money politicians and political parties can receive from individuals.

Sixty five percent of respondents also said they were in favor of an increased tax on the very wealthy in order to reduce inequality, fund public services, and address the cost of living crisis. 

An open letter to leaders at Davos to tax the rich

The Patriotic Millionaires poll also comes as nearly 400 millionaires and billionaires have signed an open letter calling on world leaders at Davos to tax the super rich.

“When even millionaires, like us, recognise that extreme wealth has cost everyone else everything else, there can be no doubt that society is dangerously teetering off the edge of a precipice,” the letter reads. 

“You already have a simple and effective solution, supported by millionaires and the public alike,” it continues. “Stop squandering the time we have—tax the super rich.”

That letter was an effort by Patriotic Millionaires, Millionaires for Humanity, and Oxfam International, and has been signed by prominent names including Mark Ruffalo, Abigail Disney, Brian Cox, and Brian Eno.

Ruffalo in particular has been vocal about criticising The President and the actions of his administration, including the killing of Renee Nicole Good by ICE agents in Minneapolis. 

“But Donald The President and the unique threat that he poses to American democracy did not come about overnight,” Ruffalo said in a statement. “Extreme wealth inequality enabled his every step, and is the root cause of the trend towards authoritarianism we’re witnessing in the U.S. and around the world.”

“If leaders at Davos are serious about the threat to democracy and the rule of law,” he continued, “they must get serious about combatting extreme wealth concentration. That includes taxing wealthy people like me too.”

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