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In 2024, the economic growth rate increased significantly. According to Forbes Billionaires Listnot only are there more billionaires than ever—2,781—but those billionaires are richer than ever, with a total of $14.2 trillion. This is a trend that seems to be going on forever. A recent report from investment firm Altrata estimates that approximately 1.2 million people with a net worth of over $5 million will contribute an estimated $31 trillion in wealth over the next decade.
Dissatisfaction and concern about the effects of wealth in our society is growing. Senator Bernie Sanders, for example, said that “Wealth and economic inequality in America is a moral issue.” In a 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.” In 2024, when Tesla’s board voted for Elon Musk a sum of 56 billion dollars, some of the shareholders voted, saying that this compensation was “absurd” and “.silly.”
In 2025, the fight against economic inequality will be a major political issue. In July 2024, the G20, the 20 economies of the world, agreed to implement Brazil’s proposal to establish a new country “billion tax” which would impose a 2 percent tax on goods worth more than $1 billion. This would raise about $250 billion a year. Although this very idea was not accepted in the Rio declaration, the G20 countries he agreed that the rich will be taxed more.
Progressive politicians may not be the only ones trying to solve the problem. In 2025, millions will also gather and pressure political leaders. One such is Patriotic Millionairesa multi-million dollar non-profit organization that is already campaigning publicly and privately lobbying the American Congress for a guaranteed living wage for all, a fair tax system, and equal representation protections. “Millionaires and big corporations—the ones who have benefited the most from our nation’s economy—must pay a bigger share in running the country.,” says their precious word. Members include Abigail Disney, former BlackRock CEO Morris Pearl, legal expert Lawrence Lessig, screenwriter Norman Lear, and investor Lawrence Benenson.
Another example is TaxMeNowa lobby group founded in 2021 by millions of young people in Germany, Austria, and Switzerland who also advocate for higher taxes. Its most famous member is 32-year-old Marlene Engelhorn, a descendant of Friedrich Engelhorn, the founder of the German chemical giant BASF. He recently set up a council made up of 50 randomly selected Austrian citizens to decide what should happen to his €25 million inheritance. “I have taken a lot of wealth, and therefore power, without doing anything,” he said in a statement. “If the politicians don’t do their job and redistribute, then I have to redistribute my wealth.”
Earlier this year, Patriotic Millionaires, TaxMeNow, Oxfam, and another protest group named Millions of People created a partnership called Proud to Pay More, and wrote a letter to world leaders at the annual meeting of the World Economic Forum in Davos. Signed by hundreds of high-net-worth individuals—including heiress Valerie Rockefeller, actor Simon Pegg, and filmmaker Richard Curtis—the letter said: “We all know that the ‘wealthy fortune’ has not been translated into reality.” Instead it has given us stagnant wages, crumbling infrastructure, failing public services, and undermining the democratic system. ” It concluded with the words: “We ask you to take this important and inevitable step before it’s too late. Make your countries proud. A very heavy tax.” In 2025, thanks to the civil rights movement, these calls will increase.
