A majority of millionaires say extreme wealth is a threat to democracy

2 days ago7 min read

A profound shift is occurring within the very citadels of wealth, as a new poll from the group Patriotic Millionaires reveals a majority of millionaires now view extreme wealth as a direct threat to democratic governance. This sentiment, echoing the public’s growing disillusionment, is not merely a passing concern but a hardening conviction: 62% of surveyed high-net-worth individuals across G20 nations hold this view, a significant rise from 54% just a year prior.The data paints a stark picture of a self-aware elite, with over three-quarters acknowledging that the ultra-wealthy purchase political influence, and a clear majority advocating for concrete measures like increased taxation and limits on political donations. This internal critique emerges as the world’s economic and political leaders convene at Davos, a juxtaposition that underscores a central tension of our era.The findings are bolstered by a concurrent Oxfam report detailing historic levels of billionaire concentration, where the twelve richest individuals hold more wealth than the poorest half of humanity, and warning that such inequality makes democratic erosion seven times more likely. The political mechanics of this threat are quantifiable: analysis by *The Washington Post* shows the top 100 wealthiest Americans’ share of federal election spending ballooned from a quarter of one percent in 2000 to 7.5% in 2024, meaning roughly one in every thirteen dollars now originates from a tiny, immensely powerful cohort. This reality has prompted nearly 400 millionaires and billionaires, including figures like Mark Ruffalo and Abigail Disney, to sign an open letter demanding a wealth tax, arguing that extreme inequality is the root cause of a global trend toward authoritarianism. The chorus from within the privileged class suggests a historical inflection point; when those who benefit most from the system begin to call for its fundamental reform, it signals a recognition that the stability of the whole is imperiled by the excesses of the few.

#wealth inequality

#political influence

#millionaires

#democracy

#taxation

#Davos

#featured