The super-rich signatories, who brand themselves as “patriotic millionaires”, warned that inaction could lead to a catastrophe. “There’s only so much stress any society can take, only so many times mothers and fathers will watch their children go hungry while the ultra rich contemplate their growing wealth. The cost of action is much cheaper than the cost of inaction – it’s time to get on with the job.”
It comes as new research shows that almost two-thirds of the new wealth amassed since the start of the pandemic has gone to the richest 1%. The development charity Oxfam found that the best-off had pocketed $26tn (£21tn) in new wealth up to the end of 2021. That represented 63% of the total new wealth, with the rest going to the remaining 99% of people.