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The letter calls for a New International Financial and Economic Architecture.
“The world today is marked by hitherto unprecedented economic, social, and environmental crises,” the letter reads. “Economic inequality is at scandalous and disruptive levels.”
The letter notes that here have never been more multi-millionaires and billionaires in existence.
“Yet the vast majority of people face rising prices of essentials such as foodand shelter and declining living standards,” the letter reads. “According to Oxfam, since 2020, the wealthiest five billionaires have doubled their wealth even as nearly 5 billion people have become poorer and less food secure.”
The letter also reflects that the rise in economic inequality in the last decades has generated distrust and loss of faith in institutions. “It has undermined democratic systems, encouraged corporate state capture, and obstructed urgent climate action,” the letter reads. “These, in turn, have further entrenched disparities in a vicious cycle.”
The super-rich are also overwhelmingly responsible for the climate breakdown, notes the letter.
“Averaging 2.6 million tons of CO2 per year, each billionaire’s investment emissions are comparable to 400,000 years of consumption emissions by the average person or 2.6 million years of consumption emissions by someone living in the poorest 50% of the world.” the text notes. “We need to fix inequality at national and global levels now to heal social divisions, protect democracy, and tackle the greatest challenge facing humanity today—climate change."
The letter welcomes and supports the proposal of the G20 Presidency to levy a wealth tax on billionaire fortunes. “Studies indicate that a wealth tax of up to 5% could raise as much as US$2.5 trillion annually – enough to lift 2.3 billion people out of poverty and deliver universal health care and social protection for 3.6 billion people,” reads the letter.
"We ask you to help deliver a timely and binding United Nations (UN) Framework Convention on International Tax Cooperation that will help tackle illicit financial flows and tax evasion by multinational corporations and super-wealthy individuals, and enable developing countries to mobilise resources sustainably.”
