400 Millionaires Urge Higher Taxes on Ultra-Wealthy

Do wealth taxes reclaim democracy from oligarchs, or do they destroy jobs and drive entrepreneurs away?
400 Millionaires Urge Higher Taxes on Ultra-Wealthy
Above: Millionaires, including Brian Eno, during a photocall for the 'Patriotic Millionaires' campaign in London on Nov. 19, 2025. Image credit: Carl Court/Getty Images

The Spin

Left narrative

Extreme wealth concentration threatens democracy itself, with 77% of millionaires recognizing that the ultra-rich buy political influence and manipulate elections. The richest 1% now own three times more wealth than the world's total public wealth combined, stripping societies of hospitals, schools and shared resources while ordinary people can't afford decent lives. Taxing the super-rich isn't just about fairness — it's about reclaiming democracy from oligarchs before authoritarianism becomes irreversible.

Right narrative

Wealth taxes are economic poison that destroy jobs, slash wages and drive productive citizens out of countries that impose them. Spain's confiscatory rates exceed 100% of investment returns, literally shrinking wealth rather than growing economies, while collecting almost no revenue. Countries across Europe have repealed these failed taxes after watching entrepreneurs flee and recognizing that punishing success makes everyone poorer, not just the rich.

Metaculus Prediction



© 2026 Improve the News Foundation. All rights reserved.Version 6.20.2

© 2026 Improve the News Foundation.

All rights reserved.

Version 6.20.2