People With Extreme Wealth Should Give It Away—or Be Penalized
The gap between the ultra-rich minority and the vast majority has never been greater. But a wave of activist millionaires is asking for higher taxes.
In 2024, wealth concentration rose to an all-time high. According to Forbes’ Billionaires List, not only are there more billionaires than ever—2,781—but those billionaires are also richer than ever, with an aggregate worth of $14.2 trillion. This is a trend that looks set to continue unabated. A recent report from the financial data company Altrata estimated that about 1.2 million individuals who are worth more than $5 million will pass on a collective wealth of almost $31 trillion over the next decade.