April 1. London, UK. As Forbes unveils its latest Rich List, showcasing yet another record-breaking surge in billionaire wealth, the stark injustice of our economic system has never been clearer. According to Forbes, just over 3,000 billionaires are ‘now worth a record $16.1 trillion in all, $2 trillion more than a year ago and more than the GDP of every country in the world besides the U.S. and China’.
While a tiny elite accumulates obscene levels of wealth, millions struggle to afford energy, governments slash international climate finance, and the world’s most impacted communities bear the brunt of an escalating climate crisis. This is not just economic inequality, it is a scandal, at a time when governments are choosing to cut back on vital funding that helps to make the world safer and more stable.
The new Forbes rankings celebrate extreme wealth for a tiny minority, but behind the glossy figures lies a grim reality: billionaires and fossil fuel companies are stoking division, undermining democracy, exacerbating inequality and causing environmental destruction while refusing to pay what they owe in taxes1. Meanwhile, rich countries are looking to scale back vital funds to address worsening climate impacts and a swift, fair transition to renewable energy. Instead of taxing the super-rich, governments are forcing ordinary people to shoulder the costs of decarbonising economies.
Kate Blagojevic, Associate Director for Europe Campaigns and Organising at 350.org says:
“It is outrageous that billionaires are amassing ever greater fortunes while governments in countries like France, Germany and the UK are imposing austerity measures and cutting back on promised funds to those suffering from climate disasters. The super-rich are not just failing to contribute; they are actively obstructing progress, funding climate denial, and supporting the far-right who are working against the very policies that could accelerate the transition to thriving societies powered by renewables with myriad benefits for the vast majority of people. The money for climate action and improving peoples’ lives with public services exists, that is what the latest Rich List shows us – it’s just hoarded by a handful of individuals who have profited from an exploitative system.”
Governments must urgently impose wealth taxes on billionaires to fund bold climate action – both at home and globally. A strong annual tax on the wealthiest individuals could generate hundreds of billions, even trillions, of dollars/euros/pounds in additional revenue which could pay to:
- Rapidly scale up safe, renewable energy, lowering energy bills and cutting carbon pollution.
- Insulate homes, making heating and cooling affordable for all.
- Retrain workers in carbon intensive industries for employment in future proof jobs.
- Modernise transport systems to provide clean, efficient, affordable travel.
- Fund the overdue transition to safe renewable energy in lower-income nations, where the climate crisis is hitting hardest.
- Deliver the loss and damage funding that rich countries pledged but have failed to provide to most impacted communities.
The world’s richest 1% emit as much carbon pollution as two-thirds of humanity. Many billionaires are heavily invested in fossil fuels, private jets, and industries that increase global heating. At the same time, governments like the US, France, Germany and the UK are cutting overseas development assistance which undercuts climate finance commitments, weakens the ability of communities to cope with fires, floods and storms, and slows down efforts to unlock the benefits of renewable energy. Instead of delivering the funds needed for a fair and just transition, governments are imposing austerity and claiming they cannot afford climate solutions.
Public support for taxing extreme wealth is growing rapidly2. Over two-thirds of people in G20 countries back a wealth tax on billionaires to help fund climate and social justice measures. Even millionaires themselves recognise the need for change – polls show that most wealthy individuals support higher taxation on extreme wealth to address inequality.
###
Notes to Editor:
1 350.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 Bernard Arnault, the Batista Brothers, and the heirs of the BMW fortune, who are accused of paying far less in taxes than their fair share while profiting from industries that fuel the climate crisis.
2 Growing international support to Tax Their Billions:
- More than 100,000 people have already signed a petition demanding that governments tax extreme wealth.
- A survey of 22,000 citizens in the world’s largest economies by Earth4All revealed an overwhelming 68 percent of G20 respondents are supportive of higher taxes on the wealthy to finance significant economic and lifestyle changes.
- An alliance of over 50 civil society organisations has been established, urging governments to #TaxTheSuperRich and end extreme inequality.
- Over 370 millionaires and billionaires are asking to be taxed and recently, the Vatican hosted a conference with prominent guests on tax justice and economic reform.
Photos of Tax Their Billions actions are available for use.
Media Contact:
Mark Raven, [email protected], +447841474125