A survey commissioned by Oxfam International among 3,900 millionaires across G20 countries found that 77% believe the ultra-rich buy political influence, while 71% say they can significantly impact elections.
The study also highlights concerns about global leadership. Around 6 in 10 respondents said that the presidency of Donald Trump had a negative effect on global economic stability and cost of living.
Most participants expressed support for major reforms aimed at limiting the power of extreme wealth. Specifically, 82% support restrictions on political donations, 62% view extreme wealth as a threat to democracy, and 65% back higher taxes on the ultra-rich.
At the same time, nearly 400 millionaires and billionaires, including Mark Ruffalo and Brian Eno, signed an open letter presented at the World Economic Forum in Davos, calling for increased taxation on the wealthiest individuals.
According to Oxfam, the richest 1% owns three times more wealth than the rest of the world combined, and the gap continues to widen. Researchers warn that without urgent action, rising inequality could pose a serious risk to democracy and social stability.
via oxfam