• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
SuccessMillionaires

Abigail Disney says ‘extreme wealth is eating our world alive.’ She and Mark Ruffalo are among 200 millionaires calling for taxes on the ultra-rich

By
Chloe Berger
Chloe Berger
Down Arrow Button Icon
By
Chloe Berger
Chloe Berger
Down Arrow Button Icon
January 23, 2023, 3:32 PM ET
Abigail Disney
Abigail Disney and other millionaires call upon Davos attendees for higher taxes.Michael Kovac / Contributor -Getty Images
Add Fortune on Google for similar content.

The ultra-wealthy aren’t typically known for asking to be taxed, but a group of 200 millionaires challenged that reputation with an open letter at the World Economic Forum in Davos last week.

Known as the Patriotic Millionaires, the group—which includes celebrity Mark Ruffalo and heiress Abigail Disney—called for a solution to end extreme wealth in a petition endorsed by PMUK, Tax Me Now, and Millionaires for Humanity. “You, our global representatives, have to tax us, the ultra rich, and you have to start now,” they said in a letter addressed to the leaders attending the Davos forum. 

It’s an echo of a similar open letter they sent to Davos attendees last spring. Citing the growing wealth inequality over the past 50 years, they noted that the world’s 10 richest men saw their wealth double during the pandemic, while 99% of the population watched their incomes shrink as they struggled to afford today’s cost of living. Indeed, a growing number of billionaires have been making out like kings over past few years.

Billionaires’ wealth has increased daily by about $2.7 billion ever since 2020, according to research from international poverty nonprofit Oxfam in conjunction with the Patriotic Millionaires. Meanwhile, poverty increased for the first time in half a century. Oxfam said imposing a 5% tax on multimillionaires and billionaires could raise $1.7 trillion annually, helping 2 billion people escape poverty.

Taxing the ultra-rich is “simple, common-sense economics,” the Patriotic Millionaires write in their letter. “It is an investment in our common good and a better future that we all deserve, and as millionaires we want to make that investment.”

They said that wealth inequality is tied to other dangerous extremes such as nationalism and climate change. They called upon those at Davos to address the “root cause of division,” adding that defending democracy is tied to creating a fairer economy.

“Extreme wealth is eating our world alive,” said Abigail Disney in a press release. “It is undermining our democracies, destabilizing our economies, and destroying our climate. But for all their talk about solving the world’s problems, the attendees of Davos refuse to discuss the only thing that can make a real impact—taxing the rich.”

The World Economic Forum did not immediately respond to Fortune’s request for comment. Disney has been a longtime critic of the systems that support the ultrarich, most recently blasting those who used private jets instead of opting to fly business class.  

But a growing group of billionaires is slowly promising to give away their fortunes. When asked by CNN if he planned to give away most of his wealth during his life, Jeff Bezos said, “Yeah, I do.” He recently endowed a $100 million gift to Dolly Parton to give to a charity of choice. Mackenzie Scott, Bezos’ ex-wife, has donated $12 billion in two short years.

Warren Buffett also plans to give away 99% of his wealth within 10 years of his death, possibly to every child across the globe. Along with Bill Gates and Melinda French Gates, he created the Giving Pledge, a campaign that some of the world’s richest people have signed as a promise to donate the majority of their fortunes to philanthropic causes.

Last year, Gates tweeted that he will one day “give virtually all my wealth” to the Bill & Melinda Gates Foundation. In a recent Reddit Ask Me Anything, Gates referred to chipping away at his wealth as a “full-time job.” While he said he wouldn’t ban any billionaires, he said he was “surprised” taxes hadn’t been increased.

But these promises of eventual charity aren’t fast and binding enough to address real-time wealth inequality, at least if you ask the Patriotic Millionaires. 

Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.

About the Author
By Chloe Berger
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Success

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Success

Ejay O'Donnell, Bart Szaniewski, and Grant Eastey wear Dad Gang hats in a factory
SuccessEntrepreneurship
Three dads started selling hats from a garage with $750—now they’ve sold $35 million worth, partnered with Gary Vee, and grown a community of fathers
By Preston ForeJuly 4, 2026
3 hours ago
loco
Travel & LeisureEntrepreneurship
The World Cup is just now discovering Middle America’s big heart. These Irish bingo kingpins built a $24 million business knowing it all along
By Nick LichtenbergJuly 4, 2026
4 hours ago
Elon Musk with a black DOGE hat
SuccessWealth
Even as Elon Musk calls philanthropy ‘very hard,’ every day Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
By Preston ForeJuly 4, 2026
6 hours ago
‘It’s just his AI and my AI going back and forth’: The workplace phenomenon that’s undermining human relationships
Future of WorkWorkforce
‘It’s just his AI and my AI going back and forth’: The workplace phenomenon that’s undermining human relationships
By Jacqueline MunisJuly 3, 2026
22 hours ago
Chad Hurley and Steven Chen wearing suits
SuccessWealth
YouTube’s founders split over $650 million when they sold to Google in 2006—had they held out, they could have taken a slice of $550 billion
By Preston ForeJuly 3, 2026
22 hours ago
2
Commentary250 Years of Innovation
America’s secret weapon isn’t just innovation — It’s the freedom to fail
By Keith KrachJuly 3, 2026
1 day ago

Most Popular

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
2 days ago
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
AI
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
1 day ago
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Economy
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
By Sasha RogelbergJuly 2, 2026
2 days ago
On Wall Street, analysts increasingly don’t believe the U.S. government’s 'misleading' job numbers
Economy
On Wall Street, analysts increasingly don’t believe the U.S. government’s 'misleading' job numbers
By Jim EdwardsJuly 3, 2026
1 day ago
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
Success
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
By Orianna Rosa RoyleJuly 3, 2026
1 day ago
In Iran, regime officials who survived the war intended to kill them appear in public for dayslong funeral of the late Supreme Leader Khamenei
Politics
In Iran, regime officials who survived the war intended to kill them appear in public for dayslong funeral of the late Supreme Leader Khamenei
By Nasser Karimi, Jon Gambrell and The Associated PressJuly 3, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.