Nearly 400 millionaires and billionaires from across 24 countries have issued a public call for higher taxes on the world’s wealthiest individuals, warning that extreme concentrations of wealth are distorting democracy, deepening inequality, and accelerating global crises.

The appeal, delivered through an open letter timed to coincide with this week’s World Economic Forum in Davos, urges political and business leaders to confront what signatories describe as a rapidly widening divide between the super-rich and the rest of society. The group argues that unchecked wealth accumulation is no longer a theoretical risk but an active threat to democratic institutions and social stability.

Signed by prominent figures including actor and filmmaker Mark Ruffalo, musician Brian Eno, and philanthropist Abigail Disney, the letter delivers a stark assessment of the political power amassed by the ultra-wealthy.

“A handful of global oligarchs with extreme wealth have bought up our democracies; taken over our governments; gagged the freedom of our media; placed a stranglehold on technology and innovation; deepened poverty and social exclusion; and accelerated the breakdown of our planet,” the letter states. “What we treasure, rich and poor alike, is being eaten away by those intent on growing the gulf between their vast power and everyone else.

“We all know this. When even millionaires, like us, recognise that extreme wealth has cost everyone else everything else, there can be no doubt that society is dangerously teetering off the edge of a precipice.”

The intervention comes amid renewed scrutiny of political influence among the ultra-rich, particularly in the United States. According to Forbes, Donald Trump assembled the richest cabinet in U.S. history last year following his re-election, with a combined estimated net worth of $7.5bn (£5.6bn) as of last August.

Public concern among wealthy individuals themselves appears to be growing. A poll commissioned by Patriotic Millionaires, a group that campaigns for higher taxes on the super-rich, found that 77% of millionaires across G20 countries believe extremely wealthy individuals use their fortunes to buy political influence.

The survey, which sampled 3,900 individuals with assets exceeding $1m—excluding primary residences—also found that three-fifths believe Trump has had a negative impact on global economic stability. The poll was conducted before the U.S. president threatened new tariffs against European countries over a potential Greenland acquisition.

More than 60% of respondents said extreme wealth poses a threat to democracy, while two-thirds supported higher taxes on the super-rich to fund public services. Only 17% opposed such measures.

The call for reform is reinforced by new data from development charity Oxfam, which reported that a record number of billionaires were created last year, pushing the global total beyond 3,000 for the first time.

“Last year the rise in billionaire wealth was unprecedented,” said Oxfam International executive director Amitabh Behar.

“The super-rich are being given complete free rein. It is beyond comprehension that the richest 1% now own three times more than the world’s total public wealth combined.

“It’s a stark indictment that illustrates just how nonsensical the gulf now is between oligarchs and the rest of humanity. Governments must implement taxes on the super-rich now and prioritise reducing inequality. The world cannot continue on this obscene trajectory.”