More than 200 millionaires have made a fervent appeal to the world leaders and business executives meeting in Davos for this week’s World Economic Forum (WEF) “to tackle extreme wealth”&nbsp;by taxing the ultra-rich to ease the cost-of-living crisis. &nbsp;

The Patriotic Millionaires — a self-described group of “high-net-worth Americans who share a profound concern about the destabilizing level of inequality in America”— has asked to “tax us, the ultra-rich, now” to help the ordinary household. &nbsp;

“The current lack of action is gravely concerning. A meeting of the ‘global elite’ in Davos to discuss&nbsp;‘cooperation in a fragmented world’ is pointless if you aren’t challenging the root cause of division,” they said in an&nbsp;open letter&nbsp;published on Wednesday. &nbsp;

“Defending democracy and building cooperation requires action to build fairer economies right now – it is not a problem that can be left for our children to fix.&nbsp;

“Now is the time to tackle extreme wealth; now is the time to tax the ultra-rich,” they said.&nbsp;

The millionaires from 13 countries, in the letter, noted how the wealth of the super-rich has been trending upwards in the last five decades, while those in the lower strata are struggling to even make their basic ends meet.&nbsp;

“The history of the last five decades is a story of wealth flowing nowhere but upwards. In the last few years, this trend has greatly accelerated …The solution is plain for all to see. You, our global representatives, have to tax us, the ultra-rich, and you have to start now.”&nbsp;

“There’s only so much stress any society can take, only so many times mothers and fathers will watch their children go hungry while the ultra-rich contemplate their growing wealth. The cost of action is much cheaper than the cost of inaction – it’s time to get on with the job.”&nbsp;

This comes days after an Oxfam report showing&nbsp;that&nbsp;the world’s richest 1 per cent have pocketed nearly two-thirds of all new global wealth over the last two years, amassing $26 trillion out of $42 trillion created in that period.

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More than 200 millionaires have made a fervent appeal to the world leaders and business executives meeting in Davos for this week’s World Economic Forum (WEF) “to tackle extreme wealth” by taxing the ultra-rich to ease the cost-of-living crisis.

More than 200 millionaires have made a fervent appeal to the world leaders and business executives meeting in Davos for this week’s World Economic Forum (WEF) “to tackle extreme wealth” by taxing the ultra-rich to ease the cost-of-living crisis. The Patriotic Millionaires — a self-described group of “high-net-worth Americans who share a profound concern about the destabilizing level of inequality in America”— has asked to “tax us, the ultra-rich, now” to help the ordinary household. “The current lack of action is gravely concerning. A meeting of the ‘global elite’ in Davos to discuss ‘cooperation in a fragmented world’ is pointless if you aren’t challenging the root cause of division,” they said in an open letter published on Wednesday. “Defending democracy and building cooperation requires action to build fairer economies right now – it is not a problem that can be left for our children to fix. “Now is the time to tackle extreme wealth; now is the time to tax the ultra-rich,” they said. The millionaires from 13 countries, in the letter, noted how the wealth of the super-rich has been trending upwards in the last five decades, while those in the lower strata are struggling to even make their basic ends meet. “The history of the last five decades is a story of wealth flowing nowhere but upwards. In the last few years, this trend has greatly accelerated …The solution is plain for all to see. You, our global representatives, have to tax us, the ultra-rich, and you have to start now.” “There’s only so much stress any society can take, only so many times mothers and fathers will watch their children go hungry while the ultra-rich contemplate their growing wealth. The cost of action is much cheaper than the cost of inaction – it’s time to get on with the job.” This comes days after an Oxfam report showing that the world’s richest 1 per cent have pocketed nearly two-thirds of all new global wealth over the last two years, amassing $26 trillion out of $42 trillion created in that period. WATCH WION LIVE HERE:

Over 200 millionaires make fervent call to world leaders to tax ultra-rich

Amid the ongoing World Economic Forum Summit 2023 in Davos, Tackling the climate crisis is one of the top priorities. Watch this report to know all the latest developments.

WION Climate Tracker: Tackling climate crisis at World Economic Forum Summit 2023

The world is in a "sorry state" because of myriad interlinked challenges including climate change and Russia's war in Ukraine, the UN chief said at his World Economic Forum address in Davos.

WION Dispatch: UN chief warns the 'world is in a sorry state' at Davos 2023

The Managing Director of the International Monetary Fund Kristalina Georgieva has said that global growth will bottom out this year while speaking at World Economic Forum in Davos. She affirmed the IMF's focus is to decelerate the global growth rate from 3.2% to 2.7% this year.

Global Growth rate to decelerate from 3.2% to 2.7% this year, predicts IMF

A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent. On Monday, revealing the report’s findings, the aid group suggested that by 2030, the number of billionaires should be reduced by half. For this, it suggests the implementation of measures like higher taxes and other policies that make the world more equal.

The report comes as the global elite are set to meet for their annual gathering in Davos. Starting Monday, as per AFP, the Swiss Alpine Village will host political leaders, CEOs and celebrities for the week-long World Economic Forum meeting.

As per Oxfam, since 2020, even as inflation outpaced wages for at least 1.7 billion people worldwide, the wealth of billionaires has surged by $2.7 billion a day. By the end of 2021, the wealthiest had pocketed $26 trillion or 63 per cent of the total new wealth. The rest went to the remaining 99 per cent of the global population.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/profiting-from-pain-covid-created-a-billionaire-every-30-hours-oxfam-at-davos-forum-481336">'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum</a>

To somewhat level the playing field, the group called for taxes that progressively redistribute wealth.

Citing a report by ProPublica, a US-based investigative news group, Oxfam said that with Elon Musk facing a “true tax rate” of just 3.2 per cent between 2014-18 and Jeff Bezos paying less than one per cent, it is clear that the wealthiest hardly pay any taxes.

In contrast, 99 per cent pay more taxes. Oxfam presents, as an example, a Ugandan market trader that works with the organisation, and remarks that he pays more than tenfold to the billionaires at 40 per cent.

Also read |&nbsp;<a data-ctorig="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818&amp;sa=U&amp;ved=2ahUKEwi58q-kksv8AhXzgVYBHXyaAJ0QFnoECAYQAg&amp;usg=AOvVaw2aMKmJB9gYEdGBH47ham7E" dir="ltr" href="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818" target="_blank">Elon Musk no longer world's richest man. Check who is</a>

It called for a permanent tax increase on the rich, with a minimum 60 per cent tax on their income from labour and capital.

Oxfam said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one per cent and by adopting other billionaire-busting policies”.

As per the group, this would help bring the number of billionaires down to 2012 levels, adding that the “eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth.”

(With inputs from agencies)

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A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent.

A new Oxfam report titled “Survival of the Richest” has revealed that over the last 10 years, billionaires of the world have doubled their wealth. The wealthiest one per cent has gained 74 per cent over the bottom 50 per cent. On Monday, revealing the report’s findings, the aid group suggested that by 2030, the number of billionaires should be reduced by half. For this, it suggests the implementation of measures like higher taxes and other policies that make the world more equal. The report comes as the global elite are set to meet for their annual gathering in Davos. Starting Monday, as per AFP, the Swiss Alpine Village will host political leaders, CEOs and celebrities for the week-long World Economic Forum meeting. As per Oxfam, since 2020, even as inflation outpaced wages for at least 1.7 billion people worldwide, the wealth of billionaires has surged by $2.7 billion a day. By the end of 2021, the wealthiest had pocketed $26 trillion or 63 per cent of the total new wealth. The rest went to the remaining 99 per cent of the global population. Also read | 'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum To somewhat level the playing field, the group called for taxes that progressively redistribute wealth. Citing a report by ProPublica, a US-based investigative news group, Oxfam said that with Elon Musk facing a “true tax rate” of just 3.2 per cent between 2014-18 and Jeff Bezos paying less than one per cent, it is clear that the wealthiest hardly pay any taxes. In contrast, 99 per cent pay more taxes. Oxfam presents, as an example, a Ugandan market trader that works with the organisation, and remarks that he pays more than tenfold to the billionaires at 40 per cent. Also read | Elon Musk no longer world's richest man. Check who is It called for a permanent tax increase on the rich, with a minimum 60 per cent tax on their income from labour and capital. Oxfam said, “the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top one per cent and by adopting other billionaire-busting policies”. As per the group, this would help bring the number of billionaires down to 2012 levels, adding that the “eventual aim should be to go further, and to abolish billionaires altogether, as part of a fairer, more rational distribution of the world’s wealth.” (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam 

The annual summit of the World Economic Forum is taking place in Davos, Switzerland. The forum has called on leaders from across the globe to address immediate economic energy, food crisis as well as the ongoing climate crisis. Watch this report to know more.

WION Climate Tracker | Davos 2023: Climate change on agenda at World Economic Forum annual summit

The World Economic Forum's annual meeting kicks off in the city of Davos, Switzerland, from today (January 16) and will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit.

Davos 2023: World Economic Forum’s annual meet kicks off, 2,700 delegates to convene

A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022. This is as per the report as the poor in India “are unable to afford even basic necessities to survive”.

Oxfam in its report titled ‘Survival of the Richest: The India Story,’ says that “inequalities are growing in India,” and that the impact of this is “especially stark at the margins of the Indian society, with some communities such as the Scheduled Tribes (STs) suffering from physical remoteness and systematic exclusion from the means to achieve vertical mobility.”

Watch |&nbsp;WION at Davos 2023: Gathering of global elite amid recession fear

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As per the report, the concentration of wealth “continues to be around primordial characteristics such as caste,” and there is a “persistence of marginalisation” among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty.

The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its “wealth chipped away”. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/survival-of-the-richest-for-a-more-equal-world-cut-down-number-of-billionaires-by-half-suggests-oxfam-552962">‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam&nbsp;</a>

By the year 2020, this chunk of the population accounted for a mere 13 per cent of the country’s national income, and less than three per cent of its total wealth.&nbsp;This is because the top 30 per cent has accumulated&nbsp;more than 90 per cent of the wealth, and among them, the top 10 per cent own more than 80 per cent of the wealth.

Also read |&nbsp;<a href="https://www.wionews.com/world/profiting-from-pain-covid-created-a-billionaire-every-30-hours-oxfam-at-davos-forum-481336">'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum</a>

Oxfam's report also revealed that shockingly, the top five per cent have nearly 62 per cent of the wealth, while the top one per cent owns around 40.6 per cent of it.

The report goes on to say that the nation’s bottom 50 per cent pays six times more indirect tax than the wealthiest 10 per cent and says that “imposing a tax on the wealth of the richest” is a solution it has rallied behind for years.

(With inputs from agencies)

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A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022.

A new report by the aid group Oxfam has revealed that in 2021, India’s top one per cent owned about half its wealth. It also showed that the number of billionaires in the country increased from 102 in 2020, to 166 in the year 2022. This is as per the report as the poor in India “are unable to afford even basic necessities to survive”. Oxfam in its report titled ‘Survival of the Richest: The India Story,’ says that “inequalities are growing in India,” and that the impact of this is “especially stark at the margins of the Indian society, with some communities such as the Scheduled Tribes (STs) suffering from physical remoteness and systematic exclusion from the means to achieve vertical mobility.” Watch | WION at Davos 2023: Gathering of global elite amid recession fear As per the report, the concentration of wealth “continues to be around primordial characteristics such as caste,” and there is a “persistence of marginalisation” among the historically disadvantaged elements of the society who are still trapped in intergenerational poverty. The report claims that following the COVID-19 pandemic, the bottom 50 per cent of the population in India has seen its “wealth chipped away”. Between May and December 2022, inflation consistently breached the six per cent statutory limit set out in the amended Reserve Bank of India Act, 1934. Also read | ‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam By the year 2020, this chunk of the population accounted for a mere 13 per cent of the country’s national income, and less than three per cent of its total wealth. This is because the top 30 per cent has accumulated more than 90 per cent of the wealth, and among them, the top 10 per cent own more than 80 per cent of the wealth. Also read | 'Profiting from Pain': Covid created a billionaire every 30 hours — Oxfam at Davos forum Oxfam's report also revealed that shockingly, the top five per cent have nearly 62 per cent of the wealth, while the top one per cent owns around 40.6 per cent of it. The report goes on to say that the nation’s bottom 50 per cent pays six times more indirect tax than the wealthiest 10 per cent and says that “imposing a tax on the wealth of the richest” is a solution it has rallied behind for years. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Even as India's poor 'are unable to afford basic necessities to survive', the rich are getting richer: Oxfam

Asia's third-largest economy India has a sizeable presence at World Economic Forum's Annual Meet which is taking place in Switzerland. The Forum has called on leaders from across the globe to address the immediate energy and food crisis.

Davos 2023: India's sizeable presence at World Economic Forum's Annual Meet

U.S. Secretary of State Antony Blinken has outlined how the Biden administration is approaching relations with China, calling Beijing a “long-term challenge” to what he called “universal values that have sustained so much of the world’s progress over the past 75 years.” For more analysis, we're joined by VOA's Correspondent, Jessica Stone.

WION-VOA Co-Production: Blinken outlines US-China relations | Business Elites met in Davos for WEF

At the World Economic Forum Annual Summit 2022, India was represented by large number of Indian companies. WION's Business Editor Sumit Chaturvedi exclusively spoke to Neeraj Kanwar, Vice Chairman and MD, Apollo Tyres Ltd. on the sidelines of the Davos meet.

Chip shortage impacting India vehicle manufacturing: Neeraj Kanwar, VC and MD, Apollo Tyres

The financial crisis continues in Sri Lanka. President Gotabaya Rajapaksa has pleaded at the World Economic Forum for international assistance to help the country deal with its worst economic crisis

Sri Lanka Economic crisis: Rajapaksa speaks at the WEF virtually, asks for International assistance

WION's Business Editor Sumit Chaturvedi exclusively spoke to Alexander Klimburg, Head of Centre for Cybersecurity, WEF on the sidelines of the World Economic Forum Annual Meeting 2022 in Davos.

Looking at $10 trn cybercrime damage every year: Alexander Klimburg, WEF Cybersecurity Head

The head of the International Monetary Fund (IMF) has said that the war in Ukraine has darkened the outlook for the global economy and could result in recession for more vulnerable countries.

World Economic Forum: Leaders warn of possible recession at the Davos meet

The managing director of the International Monetary Fund says a global recession isn’t in the cards but it doesn’t mean it’s out of the question. WION's Business Editor Sumit Chaturvedi brings you more update from the meeting.

World Economic Forum: IMF chief Kristalina Georgieva says global recession not expected

The International Monetary Fund has warned against “geo economic fragmentation” as policymakers and business leaders gather at the World Economic Forum in Davos, Switzerland.

Davos World Economic Forum: Global economy faces its biggest test since World War 2, says IMF Chief

Davos World Economic Forum: Growing pressures undermining global integration, says IMF Chief

At the World Economic Forum in Davos, Ukrainian President Volodymyr Zelensky said on Monday that he was willing to meet Russian counterpart Vladimir Putin to end the ongoing bloody war, media reports said. &nbsp;&nbsp;

Putin is the only Russian official he may meet to unearth a way to end the conflict, Zelensky said, while addressing an audience through a video link. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/ukraine-rules-out-ceasefire-or-any-territorial-concessions-to-russia-481349" hreflang="en">Ukraine rules out ceasefire or any territorial concessions to Russia</a>

Holding talks with Russia seems to have been becoming difficult as there have been several evidences of invading army's actions against civilians in the areas under its occupation, the Ukrainian president added.

"The president of the Russian Federation decides it all. If we are talking about ending this war without him personally, that decision cannot be taken," said Zelensky through an interpreter. &nbsp;

"I cannot accept any kind of meeting with anyone coming from the Russian Federation but the president. And only in the case when there is one issue on the (table): stopping the war. There are no other grounds for any other kind of meeting," the Ukrainian leader said. &nbsp;

Watch:&nbsp;World Economic Forum meet in Davos: Zelensky addresses World's Business Elite

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The war came at a huge human price for Ukrainians, Zelensky told the audience. &nbsp;&nbsp;

The forces of the country were making gains near Kharkiv, but "the bloodiest situation remains in Donbas, where we are losing too many people," he said. &nbsp;&nbsp;

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(With inputs from agencies)&nbsp;

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At the World Economic Forum in Davos, Ukrainian President Volodymyr Zelensky said on Monday that he was willing to meet Russian counterpart Vladimir Putin to end the ongoing bloody war, media reports said.

At the World Economic Forum in Davos, Ukrainian President Volodymyr Zelensky said on Monday that he was willing to meet Russian counterpart Vladimir Putin to end the ongoing bloody war, media reports said. Putin is the only Russian official he may meet to unearth a way to end the conflict, Zelensky said, while addressing an audience through a video link. Also Read: Ukraine rules out ceasefire or any territorial concessions to Russia Holding talks with Russia seems to have been becoming difficult as there have been several evidences of invading army's actions against civilians in the areas under its occupation, the Ukrainian president added. "The president of the Russian Federation decides it all. If we are talking about ending this war without him personally, that decision cannot be taken," said Zelensky through an interpreter. "I cannot accept any kind of meeting with anyone coming from the Russian Federation but the president. And only in the case when there is one issue on the (table): stopping the war. There are no other grounds for any other kind of meeting," the Ukrainian leader said. Watch: World Economic Forum meet in Davos: Zelensky addresses World's Business Elite × The war came at a huge human price for Ukrainians, Zelensky told the audience. The forces of the country were making gains near Kharkiv, but "the bloodiest situation remains in Donbas, where we are losing too many people," he said. WATCH WION LIVE HERE (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

At WEF, Ukrainian President Zelensky says ready to meet Russian counterpart Putin to end ongoing war

After a gap of nearly two-and-a-half years, Swiss ski resort town Davos is hosting the World Economic Forum Annual Meeting. 2,500 leaders from politics, business, media are attending the summit.

World Economic Forum meet in Davos: Global summit to discuss economy, climate change

Davos World Economic Forum 2022: Global summit to discuss economy, climate change

As the rich & powerful from across the globe gather in Davos for the WEF Annual Meeting 2022, Oxfam International said the pandemic has seen a new billionaire emerging every 30 hours.

Oxfam at WEF Annual Meeting 2022: Pandemic created a new billionaire every 30 hours

Leaders from all across the globe are meeting in Davos for the World Economic Forum's annual meeting, the in-person meeting comes after two years break due to the covid-19 pandemic.

World Economic Forum meet in Davos, Russia-Ukraine war to dominate agenda

The annual summit of the World Economic Forum (WEF) kicked off in Davos, Switzerland, on Sunday after a gap of nearly about two-and-a-half years. A host of global leaders are expected to deliberate over the main challenges, including the global supply chain crisis, facing the world economy.

The last time the WEF was held at the alpine retreat was in January 2020.

However, unlike the earlier years when the WEF Summit would take place in January when Davos is covered in snow, this year’s edition will be held amid spring-like temperatures of around 20 degrees Celsius.

The theme for the 2022 World Economic Forum is ‘History at a Turning Point: Government Policies and Business Strategies.’

The leaders are expected to talk about humanitarian and security challenges in the backdrop of the geopolitical tensions and the once-in-a-century pandemic. Climate change will also feature in the talks.

According to the organisers, nearly 2,500 people, including political leaders, business heads, champions of the civil society and the media, will be in Davos next week to debate and find solutions for the most urgent global issues like the ongoing pandemic and the war in Ukraine.

Watch |&nbsp;World Economic Forum returns in person, more than 2500 leaders to attend

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Over 50 heads of governments and organisations will also be present at Davos.&nbsp;Russian President Vladimir Putin will not attend the meeting this year as the organisers have excluded the Russian contingent in view of the sanctions imposed by the West on Moscow over the Ukraine conflict.

Ukrainian President Volodymyr Zelensky will, however, address the summit online while a few officials from the country will attend the meeting in person.

The latest edition of the WEF summit comes ahead of a protest that erupted a day before where dozens of anti-capitalist protesters clashed with police in Zurich on Friday.

The unauthorised "Smash WEF" demonstration is a regular occurrence in Switzerland's financial hub before the world's business and political elite gather around 120 km (70 miles) away.

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The annual summit of the World Economic Forum (WEF) kicked off in Davos, Switzerland, on Sunday after a gap of nearly about two-and-a-half years. A host of global leaders are expected to deliberate over the main challenges, including the global supply chain crisis, facing the world economy.

The annual summit of the World Economic Forum (WEF) kicked off in Davos, Switzerland, on Sunday after a gap of nearly about two-and-a-half years. A host of global leaders are expected to deliberate over the main challenges, including the global supply chain crisis, facing the world economy. The last time the WEF was held at the alpine retreat was in January 2020. However, unlike the earlier years when the WEF Summit would take place in January when Davos is covered in snow, this year’s edition will be held amid spring-like temperatures of around 20 degrees Celsius. The theme for the 2022 World Economic Forum is ‘History at a Turning Point: Government Policies and Business Strategies.’ The leaders are expected to talk about humanitarian and security challenges in the backdrop of the geopolitical tensions and the once-in-a-century pandemic. Climate change will also feature in the talks. According to the organisers, nearly 2,500 people, including political leaders, business heads, champions of the civil society and the media, will be in Davos next week to debate and find solutions for the most urgent global issues like the ongoing pandemic and the war in Ukraine. Watch | World Economic Forum returns in person, more than 2500 leaders to attend Over 50 heads of governments and organisations will also be present at Davos. Russian President Vladimir Putin will not attend the meeting this year as the organisers have excluded the Russian contingent in view of the sanctions imposed by the West on Moscow over the Ukraine conflict. Ukrainian President Volodymyr Zelensky will, however, address the summit online while a few officials from the country will attend the meeting in person. The latest edition of the WEF summit comes ahead of a protest that erupted a day before where dozens of anti-capitalist protesters clashed with police in Zurich on Friday. The unauthorised "Smash WEF" demonstration is a regular occurrence in Switzerland's financial hub before the world's business and political elite gather around 120 km (70 miles) away. Watch WION's live TV here

World Economic Forum 2022 kicks off, over 2500 leaders to discuss war, Covid effects on economy

A new study by World Economic Forum has called for urgent action by both private and public sectors, it is to ensure a resilient energy transition to address challenges of environmental sustainability, security of energy and energy justice and affordability. To talk on more more on this we're joined by Roberto Bocca, head of energy, infra, WEF.

Urgent action needed for energy transition: WEF

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

Indian PM Narendra Modi issued a virtual address at the World Economic Forum's Davos agenda. A meet that in the ideal world would have been taken place in a Swiss town but it was held online due to the covid pandemic.

'India has become the world's pharmacy,' PM Narendra Modi addresses WEF online summit

Speaking at the World Economic Forum's (WEF) Davos Agenda, the United Nations Secretary general Antonio Guterres has once again voiced concern over climate change.

Antonio Guterres takes up the issue of climate change at Davos Summit 2022

Chinese President Xi Jinping while speaking virtually at the World Economic Forum (WEF) hit out against Western powers saying "confrontation does not solve problems, it only invites catastrophic consequences".

The high profile Davos forum is being held online due to the coronavirus pandemic.

"Our world today is far from the tranquil, rhetoric that stokes hatred and prejudice abound," the Chinese president said in his address as he emphasised that his country was fighting a "tenacious battle" against the "once in a century pandemic" as he conceded that it is a "protracted" battle due to advent of new variants.

<a href="https://www.wionews.com/india-news/we-offer-a-bouquet-of-hope-to-world-modi-pitches-invest-in-india-at-wef-davos-2022-445514">Also Read:&nbsp;‘We offer a bouquet of hope to world’: Pm Modi at WEF</a>

China has been hit by large scale local flare-ups of coronavirus infections in several provinces with the Winter Olympics due to take place in Beijing next month. The country recently lockdown two cities amid the Omicron crisis even as authorities scamper to implement the "zero Covid" policy.

"Holding each other back or shifting blame will only cause needless delay," Xi said while calling for vaccination distribution.

Xi said the global industrial supply chains have been disrupted amid rise in commodity prices even as his country was ready to "facilitate cross border trade and keep the industrial supply chain secure and smooth".

<a href="https://www.wionews.com/world/davos-agenda-2022-un-chief-urges-business-to-help-low-income-nations-amid-covid-19-and-climate-crises-at-wef-445567">Also Read |&nbsp;Davos agenda 2022: UN chief urges business to help low-income nations amid COVID-19</a>

The Chinese president pitched for globalisation saying "countries are not riding separately in some 190 small boats, but rather are all in a giant ship on which our shared destiny hinges" as he touted the country's economic growth rate last year.

"Small boats may not survive a storm, but a giant ship is strong enough to brave a storm," Xi said at the Davos virtual forum.

(With inputs from Agencies)

Chinese President Xi Jinping while speaking virtually at the World Economic Forum (WEF) hit out against Western powers saying "confrontation does not solve problems, it only invites catastrophic consequences".

Chinese President Xi Jinping while speaking virtually at the World Economic Forum (WEF) hit out against Western powers saying "confrontation does not solve problems, it only invites catastrophic consequences". The high profile Davos forum is being held online due to the coronavirus pandemic. "Our world today is far from the tranquil, rhetoric that stokes hatred and prejudice abound," the Chinese president said in his address as he emphasised that his country was fighting a "tenacious battle" against the "once in a century pandemic" as he conceded that it is a "protracted" battle due to advent of new variants. Also Read: ‘We offer a bouquet of hope to world’: Pm Modi at WEF China has been hit by large scale local flare-ups of coronavirus infections in several provinces with the Winter Olympics due to take place in Beijing next month. The country recently lockdown two cities amid the Omicron crisis even as authorities scamper to implement the "zero Covid" policy. "Holding each other back or shifting blame will only cause needless delay," Xi said while calling for vaccination distribution. Xi said the global industrial supply chains have been disrupted amid rise in commodity prices even as his country was ready to "facilitate cross border trade and keep the industrial supply chain secure and smooth". Also Read | Davos agenda 2022: UN chief urges business to help low-income nations amid COVID-19 The Chinese president pitched for globalisation saying "countries are not riding separately in some 190 small boats, but rather are all in a giant ship on which our shared destiny hinges" as he touted the country's economic growth rate last year. "Small boats may not survive a storm, but a giant ship is strong enough to brave a storm," Xi said at the Davos virtual forum. (With inputs from Agencies)

Confrontation only invites catastrophic consequences, says Xi at Davos virtual forum

Indian Prime Minister Narendra Modi is all set to address the World Economic Forum's Davos agenda virtual event later today. Now due to the covid- 19 pandemic, the WEF will be hosting the event on its website and social media channels from 17th to 21st of January now this is the second consecutive year that the forum has had to host the summit digitally due to pandemic.

WEF's online Davos summit begins today; World leaders to deliver key address

Highlighting the various measures taken by India to strengthen the “ease of doing business”, Prime Minister Narendra Modi in a special address to the world leaders on Monday said that it is the best time to invest in India.

In a special address at the World Economic Forum's online Davos Agenda 2022 summit, Modi said India is focused on reforms in the right direction and the global economic experts have praised India's decisions.

“India offers a bouquet of hope to the world. It includes our trust in democracy; it includes our technology, our temperament and talent," he said.

“In 2014, there were maybe a hundred registered startups in India. Now, the number has crossed 60 thousand. We also have more than 80 unicorns now, more than 40 of them achieved that status just last year," he added.&nbsp;

The prime minister also pointed out India's innovations in technology and digital infrastructure, rapid adaptation of technologies like the Unified Payments Interface (UPI), technological solutions like Arogya Setu and CoWin, and tax reforms to strengthen ease of doing business in the country.

Also read |&nbsp;<a href="https://www.wionews.com/world/world-economic-forum-xi-highlights-the-need-of-fostering-new-opportunities-at-davos-2022-445404">World Economic Forum: Xi highlights the need of 'fostering new opportunities' at Davos 2022</a>

“In 2014, there were a few hundred registered startups in India. Today, their number has crossed 60,000 with more than 10,000 of them registered in the last six months. More than 50 lakh (5 million) software developers are working in the country today," Modi said.

Asserting that India is making its policies today while focussing on requirements for not just the present but also for the next 25 years, Modi said this period of growth would be “green and clean” as well as “sustainable and reliable”.

He also said India is fighting another COVID-19 wave with full alertness and caution while also maintaining economic growth.

“We will fulfil all the expectations that the entire world has from us,” he said.

PM Modi said India is now becoming the “new, attractive” investment destination because of several initiatives taken by the government that appeal to the business community.

(With inputs from agencies)

Highlighting the various measures taken by India to strengthen the “ease of doing business”, Prime Minister Narendra Modi in a special address to the world leaders on Monday said that it is the best time to invest in India.

Highlighting the various measures taken by India to strengthen the “ease of doing business”, Prime Minister Narendra Modi in a special address to the world leaders on Monday said that it is the best time to invest in India. In a special address at the World Economic Forum's online Davos Agenda 2022 summit, Modi said India is focused on reforms in the right direction and the global economic experts have praised India's decisions. “India offers a bouquet of hope to the world. It includes our trust in democracy; it includes our technology, our temperament and talent," he said. “In 2014, there were maybe a hundred registered startups in India. Now, the number has crossed 60 thousand. We also have more than 80 unicorns now, more than 40 of them achieved that status just last year," he added. The prime minister also pointed out India's innovations in technology and digital infrastructure, rapid adaptation of technologies like the Unified Payments Interface (UPI), technological solutions like Arogya Setu and CoWin, and tax reforms to strengthen ease of doing business in the country. Also read | World Economic Forum: Xi highlights the need of 'fostering new opportunities' at Davos 2022 “In 2014, there were a few hundred registered startups in India. Today, their number has crossed 60,000 with more than 10,000 of them registered in the last six months. More than 50 lakh (5 million) software developers are working in the country today," Modi said. Asserting that India is making its policies today while focussing on requirements for not just the present but also for the next 25 years, Modi said this period of growth would be “green and clean” as well as “sustainable and reliable”. He also said India is fighting another COVID-19 wave with full alertness and caution while also maintaining economic growth. “We will fulfil all the expectations that the entire world has from us,” he said. PM Modi said India is now becoming the “new, attractive” investment destination because of several initiatives taken by the government that appeal to the business community. (With inputs from agencies)

‘We offer a bouquet of hope to world’: Modi pitches ‘invest in India’ at WEF Davos 2022

WEF survey finds 4 areas of emerging risks for global recovery with Freak weather being world's biggest risk. Gloomy outlook for global recovery.

WEF survey finds 4 areas of emerging risks for global recovery

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