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Millionaires want to help society - 13th June 2022

A group of millionaires are asking national leaders to tax them more. They're part of a group at the World Economic Forum in Davos, Switzerland. They think higher taxes on the super-rich will help to manage problems with poverty.

Every year, politicians and business leaders meet together in Davos. The conference discusses the global situation. This year, one small group is asking for a change in direction. Millionaire Phil White is part of this group. They're working with charities, political groups and social agencies. White wants governments "to tax the richest and tax us now."

The group organised a protest in Davos. It sent a message that the world needs fairer taxation systems. Only a small number of millionaires from the group were at the conference. But there are more who have the same message around the world. They sent a letter to the World Economic Forum. It says that higher taxes on the rich were needed.

Oxfam, which helps poor people around the world, writes a report about poverty every year. It publishes it during the conference every year. It's found that a new billionaire was created every 30 hours over the last two years. During the same time period, a million more people became extremely poor every 33 hours.