'The accumulation of extreme wealth by the world's richest individuals has become an economic, ecological, and human rights disaster.'
Meanwhile, according to a recent United Nations"The growing gap between rich and poor has destabilized the global economy, exacerbated the rise of extremist politics, and frayed the very fabric of our social order," said Pearl, the former managing director of the investment giant BlackRock. "As an ultra-wealthy person, representing an organization of like-minded wealthy people, I am asking the G20 to tax us.
Pearl warned that if G20 nations don't "tax extreme wealth, the results will be a perpetually weakened global economy, the decline of democratic institutions, and worsening social unrest. The G20 must act."in 2023, with the world's 500 richest people adding more than $850 billion to their combined wealth in the first half of the year.
The new open letter argues that a coordinated G20 agreement imposing wealth taxes on ultra-rich individuals "would shrink dangerous levels of inequality while also allowing leaders to raise vital funds to tackle the multiple challenges facing our world." "This will not be easy, but it will be worth it," the letter reads. "Much work has already been done. There is an abundance of policy proposals on wealth taxation from some of the world's leading economists. The public wants it. We want it. Now all that's missing is the political will to deliver it. It's time for you to find it.
"The accumulation of extreme wealth by the world's richest individuals has become an economic, ecological, and human rights disaster, threatening political stability in countries all over the world," the open letter reads. "Such steep levels of inequality undermine the strength of virtually every one of our global systems, and must be addressed head-on.
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