Reacts to Sunday Times Rich List: Time to Tax Their Billions and Fix the Climate Crisis
London, UK — As the Sunday Times unveils its annual Rich List, laying bare the staggering wealth of just 350 individuals in the UK—who collectively hold £772.8 billion—350.org is calling on the UK government to finally draw a line in the sand. This Autumn Budget must be the moment the government proves it stands with ordinary people, not the ultra-wealthy, by imposing a robust tax on extreme wealth to tackle the climate crisis and rebuild public services.
Despite a minor dip of 3% in billionaire wealth in the UK, fortunes continue to soar globally. According to Forbes, just over 3,000 billionaires now control a record $16.1 trillion—more than the GDP of every country on Earth except the U.S. and China. This accumulation of extreme wealth amid rising climate chaos and worsening inequality paints a damning picture.
Nicolò Wojewoda, European Regional Director at 350.org, said:
“Governments cannot justify pushing people with disabilities into poverty and leaving pensioners freezing in their homes while letting the super-rich pay next to nothing in taxes. Public support for a tax on billionaires is growing fast—people are tired of being told there’s no money for healthcare, housing, or affordable renewable energy while billionaires hoard obscene wealth.
The richest 1% produce as much carbon pollution as two-thirds of humanity and must be forced by the government to pay what they owe to tackle the climate crisis and fund public services. It’s a crucial step toward shifting the burden of the climate crisis off the shoulders of ordinary people and onto those who have profited most from environmental destruction.”
This week’s launch of a landmark UK Bill—designed to end fossil fuel subsidies, tax corporate polluters, and make luxury emissions from super yachts and private jets pay for home insulation and flood defences—reflects a growing global call: make the super-rich pay what they owe to confront a crisis they’ve helped cause.
The public is clear. Polling from the Trade Union Congress shows that 71% of people in the UK support higher taxes on the super-rich. More than 100,000 people have signed a petition demanding governments tax extreme wealth. Even 72% of the wealthiest themselves admit that tax loopholes must be closed and hoarded wealth put to better use.
At the global level, the UK must show leadership by supporting international measures to tax extreme wealth at the International Conference on Financing for Development in Seville next month. But real credibility will come at home: the Autumn Budget is the government’s opportunity to deliver a billionaire tax that funds clean energy, warm homes, and decent public services.
This is a test of political courage. Will the UK government continue to protect the elite few, or will it stand with the many—families struggling with energy bills, communities hit by floods, and young people fighting for a liveable future?
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Note to editors
Media Contact: Mark Raven, [email protected], +447841474125
350.org has published the Tax Their Billions Dossier calling out eight billionaires for their extreme wealth and the disproportionate role they play in the climate crisis. The Tax Their Billions Dossier targets ultra-wealthy figures such as James Dyson and Jim Ratcliffe, who are accused of paying far less in taxes than their fair share while profiting from industries that fuel the climate crisis.
Photos and video of a tax the super-rich protest outside the Treasury available here