Several billionaires and millionaires have appealed to leaders at the virtual meeting of the World Economic Forum to make them pay more taxes.

The group calling&nbsp;itself "patriotic millionaires" sent an open letter to the virtual Davos meeting conceding that their wealth had actually risen during the pandemic as they pointed out that the "current tax system is not fair."

<a href="https://www.wionews.com/world/davos-agenda-2022-at-wef-un-chief-urges-businesses-to-help-low-income-nations-amid-covid-and-climate-crises-445567">Also Read |&nbsp;Davos: At WEF, UN chief urges businesses to help low-income nations&nbsp;</a>

"While the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic yet few if any of us can honestly say that we pay our fair share in taxes," the letter said.

The signatories include Disney heiress Abigail Disney. According to a study conducted by the group including NGOs, a wealth tax starting at 2 per cent for those worth over $5 million, three per cent for high net individuals over $50 million and 5 per cent for billionaires could raise $2.52 trillion.

The entire wealth tax from millionaires and billionaires could help lift over 2 billion people out of poverty, the report said. The group said the wealth tax could also help to ensure universal healthcare and social protection.

<a href="https://www.wionews.com/world/confrontation-only-invites-catastrophic-consequences-says-xi-at-davos-virtual-forum-445572">Also Read:&nbsp;Confrontation only invites catastrophic consequences, says Xi at Davos virtual forum</a>

The group also pushed for higher wealth tax for billionaires at 10 per cent which could raise over $3.6 trillion a year.&nbsp;

The last two years have&nbsp;witnessed an exponential rise in billionaires and millionaires even as the world has battled the coronavirus pandemic.

The World Bank has also urged nations to impose wealth tax to help reduce inequality as countries battle the pandemic.

(With inputs from Agencies)

Several billionaires and millionaires have appealed to leaders at the virtual meeting of the World Economic Forum to make them pay more taxes. The group calling itself "patriotic millionaires" sent an open letter to the virtual Davos meeting conceding that their wealth had actually risen during the pandemic as they pointed out that the "current tax system is not fair.

Several billionaires and millionaires have appealed to leaders at the virtual meeting of the World Economic Forum to make them pay more taxes. The group calling itself "patriotic millionaires" sent an open letter to the virtual Davos meeting conceding that their wealth had actually risen during the pandemic as they pointed out that the "current tax system is not fair." Also Read | Davos: At WEF, UN chief urges businesses to help low-income nations "While the world has gone through an immense amount of suffering in the last two years, we have actually seen our wealth rise during the pandemic yet few if any of us can honestly say that we pay our fair share in taxes," the letter said. The signatories include Disney heiress Abigail Disney. According to a study conducted by the group including NGOs, a wealth tax starting at 2 per cent for those worth over $5 million, three per cent for high net individuals over $50 million and 5 per cent for billionaires could raise $2.52 trillion. The entire wealth tax from millionaires and billionaires could help lift over 2 billion people out of poverty, the report said. The group said the wealth tax could also help to ensure universal healthcare and social protection. Also Read: Confrontation only invites catastrophic consequences, says Xi at Davos virtual forum The group also pushed for higher wealth tax for billionaires at 10 per cent which could raise over $3.6 trillion a year. The last two years have witnessed an exponential rise in billionaires and millionaires even as the world has battled the coronavirus pandemic. The World Bank has also urged nations to impose wealth tax to help reduce inequality as countries battle the pandemic. (With inputs from Agencies)

Make us pay more tax, say 'patriotic millionaires' at Davos virtual summit

According to a report, the fortune of the world's richest families grew over 22 per cent in the past year with the Waltons who head the retail giant Walmart in the US topping the list for the fourth consecutive year.

The Waltons witnessed their fortune zoom $23 billion in the last year. The family's net worth is $232 billion, according to&nbsp;the Bloomberg report.

The <a href="https://www.wionews.com/science/billionaire-space-race-can-add-to-global-warming-399051">wealth</a> acquired by luxury dynasties grew exponentially with the Hermes increasing their wealth to $111.6 billion. However, the Lee family which owns Samsung fell off from the list after paying $11 billion in inheritance tax after the death of patriarch Lee Kun-hee, the report said.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/billionaire-lore-outlines-plan-for-400-billion-us-new-city-411862/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

New York-based Lauders of cosmetics-maker Estee Lauder entered the list as the combined wealth of 25 richest families showed their net worth was worth $1.7 trillion as they gained $312 billion in past one year. The&nbsp;Dassault&nbsp;family which owns the aviation company also entered the elite rich&nbsp;list.

A research earlier had highlighted over one per cent of adults worldwide had become millionaires for the first time last year amid the pandemic. The number of ultra-high net worth individuals had grown by 24 per cent last year which was the fastest since 2003, the Credit Suisse research had said.

The United States is reportedly the No-1 country in terms of billionaire growth with 29 per cent which accounted&nbsp;for 37 per cent of cumulative billionaire wealth last year followed by <a href="https://www.wionews.com/business-economy/china-cracks-down-on-tech-titans-billionaire-loses-27-billion-in-worlds-biggest-wealth-drop-413853">China </a>and Germany. According to Wealth-X's 2021 billionaire census, nearly 60 per cent of billionaires last year were "self-made".

The increase in billionaires was mainly in the technology, shipping and auto industries.

The "super billionaires" list was led by Amazon's Jeff Bezos,<a href="https://www.wionews.com/world/pace-to-reach-space-shoots-up-as-spacex-set-to-launch-billionaire-into-orbit-412597"> SpaceX</a> CEO Elon Musk, LVMH Moët Hennessy chairman and CEO Bernard Arnault and Microsoft co-founder Bill Gates.

(With inputs from Agencies)

According to a report, the fortune of the world's richest families grew over 22 per cent in the past year with the Waltons who head the retail giant Walmart in the US topping the list for the fourth consecutive year.

According to a report, the fortune of the world's richest families grew over 22 per cent in the past year with the Waltons who head the retail giant Walmart in the US topping the list for the fourth consecutive year. The Waltons witnessed their fortune zoom $23 billion in the last year. The family's net worth is $232 billion, according to the Bloomberg report. The wealth acquired by luxury dynasties grew exponentially with the Hermes increasing their wealth to $111.6 billion. However, the Lee family which owns Samsung fell off from the list after paying $11 billion in inheritance tax after the death of patriarch Lee Kun-hee, the report said. Watch: New York-based Lauders of cosmetics-maker Estee Lauder entered the list as the combined wealth of 25 richest families showed their net worth was worth $1.7 trillion as they gained $312 billion in past one year. The Dassault family which owns the aviation company also entered the elite rich list. A research earlier had highlighted over one per cent of adults worldwide had become millionaires for the first time last year amid the pandemic. The number of ultra-high net worth individuals had grown by 24 per cent last year which was the fastest since 2003, the Credit Suisse research had said. The United States is reportedly the No-1 country in terms of billionaire growth with 29 per cent which accounted for 37 per cent of cumulative billionaire wealth last year followed by China and Germany. According to Wealth-X's 2021 billionaire census, nearly 60 per cent of billionaires last year were "self-made". The increase in billionaires was mainly in the technology, shipping and auto industries. The "super billionaires" list was led by Amazon's Jeff Bezos, SpaceX CEO Elon Musk, LVMH Moët Hennessy chairman and CEO Bernard Arnault and Microsoft co-founder Bill Gates. (With inputs from Agencies)

World’s 25 wealthiest families are now worth $1.7 trillion; grew richer in one year

The thousandth richest people on the planet recouped their COVID-19 losses within just nine months, but it could take more than a decade for the world's poorest to recover, says a new Oxfam report released Monday.

World's billionaires get richer by 3.9 trillion during pandemic