A fresh wind is blowing as I meet
Julia and Rob at Wild Woodbury. Itís a huge piece of
farmland in southern England thatís being returned to
nature, thanks to Julia. OK, so this is the land. Can we see more of it? Yeah, letís have a
walk and take a look. Julia Davies is a multimillionaire
with a passion for nature. Her extreme wealth came
when she sold her stake in outdoor equipment company
Osprey Europe a few years ago. She canít understand why
her wealth is not being taxed. Sheís part of
Patri
otic Millionaires, a coalition of the super-rich
calling for a tax on extreme wealth. They make their
case in open letters to their respective
governments. In a time of increasing
inequality, they say: 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. Tax the ultra
rich and do it now. This letter was signed by more than 200 millionaires
and billionaires worldwide. What, or who is stopping you? Through my work with
Pa
triotic Millionaires, we work to try to address
extreme wealth inequality because thatís
part of the problem. Part of the problem is that
we have concentrated wealth, money in the hands of a smaller
and smaller group of people and unfortunately those
with most wealth are the ones who are consuming our resources
in the world in the most extreme way, excessive, extreme way. Of course theyíve got to fly
around the world in private jets, of course theyíve got to buy
themselves a massive superyacht i
f theyíve got the
money to do it. For too long we have
idealized this lifestyle. And we are all paying
the price for their lifestyles and the natural worldís
paying that price as well. And for me, Iím absolutely heartbroken
by what weíve already allowed to happen to our natural world. And Iím determined
to do what I can, the little bit that I can
do with my money to try and do something about it. To combat the
loss of biodiversity, Julia paid nearly 5 million
Euros to buy this farmland, not for
herself, but the
British Wildlife Trust. It was an interest-free loan,
which allows for many more like it. I came up with the idea of
lending them the money so that they could buy sites like
this and then once theyíve got the land it enables them
to get the funding from other sources to pay me back which
means I can then do another project. The loan has since been repaid
and more land purchased for rewilding. Julia says a wealth tax would
give the government funds to tackle the climate emergency
, inequality and Britainís
cost of living crisis. The wealthiest in
society are paying lower over all
levels of wealth, proportionate levels of wealth, than people who are
working for a living, using their labour to earn
money. The wealthiest in society they get their money
from their wealth. And theyíre not being taxed on
that in any way like the degree to which people who are
working are getting taxed. That means less money coming
into the public funds to invest in doing things like repairing
our schools, maintaining our NHS, which is unfortunately grossly
under-resourced right now. So weíve proposed looking
at a wealth tax on wealth above 10 million
pounds of maybe 1 or 2%. And I can assure you that
wealthy people can afford to pay that without impacting
their lifestyle whatsoever. So you don't have
a problem to lose a part of your
wealth by taxation? I donít see it as losing
a part of my wealth, I see it as investing
in public wealth. One: I think itís just right. Itís okay to have
moral values. I donít think we should be
ashamed of saying things are the morally
correct thing to do. But if we have to
bring self-interest into it, I think everybody benefits
from living in a wealthier society and everyone is better off
when everybody is better off. Whatís the reason that
politics donít do wealth tax? We have a situation
where we have some people now with such
extreme levels of wealth, they have more power
than our government and they have power
over our government. Itís abso
lutely clear
that our government is not listening to the people because weíve shown
through research that people are in favor of
taxation of wealth. But our politicians
donít seem to be, which suggests that
they are listening to this small group of people who have
this most extreme levels of wealth who do not want that
taxation to happen. Rob Farrington is the project
manager at Wild Woodbury. Julia Davies pays his salary. He makes sure the
land is able to recover and the native flora and
fauna
can return and flourish. How big is the land which is
rewilding now, that Julia purchased? Wild Woodberry is 170 hectares, and thatís pretty much
here everything we can see as far as the more
intensive blocks of conifers so everything in this
direction and actually beyond the horizon all the
way to the nearest village. Julia Davies believes nature
is our greatest treasure, and itís under threat. Itís those like
her, the super-rich, that are contributing
disproportionately to climate change. We a
re in a situation now where
our children and grandchildren are going to be
worse off than us. I am ashamed of that
and that is directly related to the concentration of wealth in
the hands of fewer and fewer people because I think we have a
consensus that we need to do something to reduce the potential
of dangerous climate change but at the same time we
have extremely wealthy people who are using their wealth
to block those changes. Iíve now come to London, to meet another multimillionaire whoís
fighting for a tax on extreme wealth. London continues to be the
number one financial centre in Europe and the city where the most
millionaires and billionaires live. Not all of them
favour a wealth tax. In fact, many have stashed
away their money in tax havens. The reigning monarch
enjoys special privileges. According to law, the monarch
in Buckingham Palace pays no income tax on their
personal allowances, or the millions they earn from
leasing out the royal estates, nor do they pay inheritance
tax on the billions to be inherited after the reigning monarch dies. Iím now meeting Phil White. Like Julia Davies, he
too wants a wealth tax. Under the stern gaze of
Britainís legendary prime minister Winston Churchill, we
meet near parliament. He too has signed
open letters calling for a taxation on
extreme wealth. The rich must pay their fair
share in every country in the world. Tax us, the rich,
and tax us now. Phil White gained his wealth from
being a partner and major stakeholder in a lar
ge consulting firm. We walk the few steps to
the Palace of Westminster, the seat of the
British Parliament. Phil believes that a tax on
wealth like his is long overdue. Well, Iím a millionaire and I
do believe that millionaires can usefully contribute
more to this country. What we see is a lot of
people really struggling with a cost of living crisis, with a whole bunch of social
issues and crumbling infrastructure in many ways in the UK. And we need money, governments
need money to sort that out
. And really the
wealthy, people like me, can contribute more and
actually take more of that load to help the country generally. Weíre here in front of
the Houses of Parliament so why donít politicians
make a wealth tax? I donít understand why politicians
donít make a wealth tax frankly. Itís always been something
thatís been on the agenda, but politicians
donít like to do it. I think itís kind of odd. And
weíre very specifically talking about taxing
extreme wealth here, so weíre not talking abo
ut taxing
people with a house or whatever, weíre talking about taxing
people with millions of pounds who can afford to
pay a bit of money. And I canít see any
logic in not doing that. Phil is by no means
alone amongst his peers. The group of Patriotic
Millionaires is growing. I came across Patriotic
Millionaires through some friends and weíve got entrepreneurs, weíve
got people who have worked for it, weíve got inherited wealth,
but everybody is coming at it from the same point
of view which is:
we need to do something
better with this and we need to do that through governments. And taxation is the
way forward on this. While newlyweds have their
photos taken at Westminster, we head off to a nearby pub. It turns out that taxing the
super rich for the benefit of society is an attractive
concept for many. In England, Patriotic
Millionaires we did some polling and we found the majority of
people are in favour of a wealth tax. Phil advocates implementing
a global wealth tax. And he rejects
the
frequently cited argument that it would cause the
super-rich to leave the country. There is a statistic
that I think something like 24 millionaires from
Norway left to go to Switzerland to avoid taxation. But what the statistics didnít mention
was that 236,000 stayed in Norway, so it was a very small
fraction of people that left. So these statistics are
often used and put against. But yes, we do need
international agreements on this, thatís important. Every year in January, demonstrators
flo
ck to the Swiss resort town of Davos to protest at the
World Economic Forum, a meeting of the
worldís wealthiest elite. Phil White joins the crowds. We are in favour
of wealth taxes, we really want to reduce
this level of wealth inequality in the world thatís so
corrosive to society. Whether the demonstratorsí
message got through to the rich and powerful meeting
inside is not clear. We didnít get any reaction from
the World Economic Forum per se. But we did get a lot of
interest from around the
world actually in the media
in presenting that story, and understanding why I
was standing in Davos arguing for wealth taxes and
arguing against inequality. Demonstrators representing the
99% of society that are not rich, returned to Davos last SUMMER. Phil White was there, along with Austrian
multimillionaire Marlene Engelhorn. Iíve arranged to
meet her in Vienna, outside the newly
revamped parliament building. Lawmakers only returned
to the building last year, after years of renovation work. M
arlene Engelhorn
is 31 years old and studied German
language and literature. Her family made its fortune
through the pharmaceutical company Boehringer-Mannheim. Her late grandmotherís wealth was
estimated at nearly 4 Billion euros. She herself inherited
many millions. Marlene Engelhorn
advocates for social justice. Sheís one of the most outspoken
activists calling for a wealth tax. I would like to see a tax on the
wealth of ultra-rich people like me. Itís unacceptable that
most wealth is systema
tically concentrated among a few people. The richest one percent in Austria
hold up to 50 percent of the wealth while half the population
has to make do with just under three percent of the
wealth. Itís unfairly distributed. And it doesn't
have to be that way. Weíre standing in front
of the parliament building. Why arenít politicians
taking action here? I think politicians lack
the will and the courage to take a stand against
wealthy people like us and to say: Yes, you want to
keep your wealth,
but the fact is that wealth
is only created by society. So without the work of lots
of people and their spending, your wealth couldnít be
accumulated in the first place. If you don't respect that,
you deny that your own wealth is linked to society. Schools, all of that,
have to be financed and how are they
financed? Through taxes. So you can make a
contribution. And as a politician, you can require that. This is a democracy. Itís not the wealthy
elite that rules. Just a stoneís throw
from the Pa
rliament and the renowned
Burgtheater is CafÈ Landtmann. Itís traditionally a meeting
place for actors, politicians, businesspeople, and journalists. Its back rooms have no doubt been
the scene of many a political deal. Itís the politicians
that the millionaires are aiming to reach in their
open letters calling for a wealth tax. The divide between the very
rich and the rest must close. Tax us before itís too late. Iím also speaking on behalf
of our initiative Tax-me-now, where we as millionaires
have made a joint commitment not to discuss which taxation
models would be good, or to come up with
our own models. Because once again
itís a question of power: Why am I, as a wealthy
person, allowed to decide what is a good tax model
and whatís a bad one? No one who pays
INCOME tax is asked: Do you think the income tax model is
good, would you have an alternative? The question is not even asked. Do you think a wealth
tax would prompt the super-rich to
leave the country? Donít forget that most
people with a high net worth are just normal people. Their children
go to school here, they have working relationships
and friendships here, theyíre embedded in society. They might also love their home and
have done up their villa wonderfully. So they don't want to have to
build a new one somewhere else, to put it bluntly. Some assets can't
simply be moved abroad: try packing your
forest and your castle in your backpack and
walking across the border it just doesn't work. Real estate canít be mov
ed. Wealthy families usually have
a stack of financial advisors who make sure their
wealth keeps on growing. Yes, say I represent the
richest one percent of society, and viewers watching
represent the other 99 percent. This is how it works: I have an incredible
amount of money, let's say 100 million euros,
weíre speaking hypothetically. And I go to the bank
with my 100 million and want to put
it in my account. The bank waves their
finger at me saying Ms. Engelhorn,
you have to invest it. So I op
en a securities
account and I invest the money maybe I buy shares, meaning
parts of companies then belong to me. Or I may buy government bonds,
where I lend money to the state. I might invest in real estate, so I buy houses in
which people live or work. And then the following happens: the 99 percent have to eat, so they go to the supermarket
in which I have shares. So when they go
shopping, I get money. They have to live, so
they pay rent somewhere, perhaps in houses and apartments
that I own, s
o they pay me rent. So I get a return
on my investment. I take that return to
the bank and they say Ms. Engelhorn, please invest and then I buy more apartments,
more shares, more government bonds, and so it goes on increasing
and increasing and it doesn't stop. I know, itís a dry subject! Engelhornís joke of the day! Hi, my name is Djaffar Shalchi. I am an Iranian-Danish
entrepreneur. I was born in Tehran in 61. I think itís so important, that
people like me, millionaires, speak up because we wi
ll be a
big part of the solution. People who say: letís ask our governments
to get the financing. But sorry: the government
donít have the money, but the top 1 percent
has the money. Christiansborg Palace in Copenhagen
is the seat of the Danish Parliament. This is where Iím
meeting Djaffar Shalchi, a multimillionaire who earned
his money in real estate. He came here as
a child from Iran. The Danish welfare state enabled
him to study and set up his company. Now he wants to give back. He says a we
alth
tax could advance the UNís Sustainable
Development Goals. I am a multi-millionaire
and I think that the superrich have to be a part of the
solution to solving our problems, the 17 SDGs. Without the top 1 percent
I donít believe we can do it, thatís why. How you became a millionaire? I think I was lucky,
I worked really hard, I had the right
timing and so on. And the Danish society,
the good welfare system, where the taxpayers pay their
fair share, did for the days ago, but today is under pr
essure,
a lot under pressure, I see the beautiful Danish
society going more down than Iíve seen it 4 decades ago, and thatís why I am
also fighting against it. We are here in front of
Christiansborg, the Danish parliament. Why don't politicians
implement a wealth tax? Why politicians donít do
it is very simple actually: itís because still the superrich
are influencing them so hard. Because behind every one
of them, some organization, some superrich, some
companies are donating to them. Thatís un
fortunately one
of the biggest problems. And they donít have
the courage to do that. Thatís why we need to
get the money out of politics. If we donít get the money
out, I donít believe we can do it. Djaffar has also signed
the open letters to politicians. Their motto: in tax we trust. Address the elephant
in the room: inequality. Thatís the message from Djaffar,
Marlene and others to world leaders. Yes, we want to eradicate
poverty, hunger, shelter, environmental problems and
so on, but it requi
res something about 3 trillion dollars to
achieve that every year. And our suggestion was: Yes, the top 1 percent
should actually do it. Because 1 percent of the
top 1 actually is about 3 trillion because we have so
much money in our hands so that was our proposal
and we were laughed on. But now seven years after,
many others are talking about it, many NGOs and so on, so I am happy that they
are not laughing any more, theyíre taking it seriously. You also would lose money,
isnít it a problem for
you? No, because for me to give 1%,
my gain is more than 10% every year, so it would be a just
a little bit of the gaining and even not getting
something out of my wealth. So the superrich can live their
life like they always have done and at the same time save our
planet and be the heroes actually. You say that a wealth tax is better
and makes more sense than philanthropy why do you think so? I should not decide
what I like to support, maybe I like cats so I
give all my wealth to get the... We
have a society, we have
schools, hospitals and so on, of course it should be a
democratic system that collects that money and
spend it to the welfare system, so it
benefits everybody, and not because what
I like or what I donít like. Solving the worldís problems
with a small contribution from the super-rich
certainly sounds good. In Germany too, polls show
a large majority in favour of taxing extreme wealth. Itís the politicians
who are holding back. I now have an appointment
with Sebastian Kle
in. Heís another
multimillionaire, or rather: a former multimillionaire. He co-developed
the app Blinkist, which summarizes nonfiction
books to reduce peopleís reading time. The app was sold last
year for 200 million euros, he found his resulting
wealth problematic. In recent years, Iíve thought a
lot about the issue of inequality. I found the statistics
really shocking: In countries like Germany,
so many people have nothing while a small group is
getting more and more. So when I suddenly had
al
l this wealth MYSELF, I didn't want to become
part of the problem, but rather part of the solution. And how will you be
part of the solution? I decided to give up 90 percent
of that wealth and transfer it to a charitable organization. Itís no longer part of my private
assets but can benefit society. Weíre standing here in front
of the German parliament, where politicians would have
the means to change something, to tax extreme wealth. Whatís your message to them? I think it's shameful the
way th
ings are right now. Labour is heavily taxed,
while assets arenít taxed at all, and income from assets is
not taxed heavily, or rather, less than labour. The government
does have options: Inheritance tax, wealth tax, and
capital gains tax could all be raised. There are always a few billion euros
missing somewhere in the budget, so schools face cuts
and no longer work as well while at the same time
thereís all this private wealth thatís not taxed at all,
and so much inheritance that goes untaxed
o
r barely taxed. So politicians DO have a choice. Why do you think theyíre
not doing anything? I keep asking myself the same
question, because it would be in the interests of
95% of the population. I think the wealthy just
have a very strong lobby so their voices get
heard disproportionately. Together with others,
Sebastian Klein now publishes a regular magazine promoting
fair conditions in the workplace. The majority of his assets are
now with a non-profit organization to which he himself
has no
access. Not everyone gets it. And he even admits
himself that there may come a time when he
regrets his decision. But right now, he
feels good about it. It was actually quite a burden to
me to have so much private wealth. I find it liberating to say: Okay, I no longer need to think
about how I can manage these assets so they increase. It feels mostly liberating. But, I can't rule out that
one day there might be this beautiful vineyard
that Iíd like to buy but canít, and then maybe I'll be annoy
ed but if that happens I'll
just have to deal with it. His announcement that he
would be donating the money for charitable causes
certainly created a stir. Loads of people wrote to me. Some even sent me their
account details right off. I could have given the
money away very quickly. But I thought, if Iím not
treating this as my private wealth, how can I maximize
the positive effect that this capital
has on society? And I'm still trying
to figure that out. One of the first things I want to
do now
is to start a media fund. Because many small media
companies in Germany are underfunded and we really have a problem
with the media landscape. A lot of people are no
longer getting their information from reliable sources. So thatís one project now. And thereís a few more to come. Thereís certainly no
shortage of options. Germany is wealthy but poverty
and homelessness are on the rise. The coronavirus pandemic,
the war in Ukraine, spiralling energy
prices and inflation theyíve all widened the
ga
p between rich and poor. Unequal societies
are not stable. There's more envy, division
and hatred, more crime. And I think we
need to make it clear: this affects everyone. Even the wealthy. If you live in a society thatís
so unequal the poor start robbing others because they
have no money and see no way of earning an honest living that's not desirable;
not for the rich either. You can see what it's like
in countries where society is even more unequal: The rich have to live
behind barbed wire fen
ces and have soldiers
protecting them from attack. Social cohesion can only work
if the gap between rich and poor is not too great, if wealth is not
concentrated in the hands of a few. That has even led some to
call for an upper limit on wealth. Few people reject the idea
of an upper limit on wealth. Almost everyone says: yes, itís OK to limit it. The question is
WHERE you limit it. I have an opinion on that,
everyone has an opinion on that, it would just have to
be negotiated politically. But t
o say that it's okay for
someone to have 50 billion, while others have nothing
or are drowning in debt, is something that very
few people find fair. And in my experience, even
wealthy people donít think itís fair. One of the worldís
richest men, Elon Musk, is worth nearly
200 billion dollars thatís 200 thousand million. Such wealth can
undermine democratic norms. In a democracy, we say
everyone has a single vote. But the truth is
that if I have wealth, if I have economic and financial
power, I h
ave more than my vote. I have access to politicians, I can push through my
own agenda more effectively, I can say: Man, if the politicians
don't do what I want, then unfortunately I have
to move a lot of jobs abroad. That's not a myth, itís what people
with great wealth say themselves. And I can confirm that too: I have much more
access to politicians than your average
person on the street. And that just doesn't fit
with the idea of a democracy where everyone
should have a voice. Democracy, soci
al cohesion
and our worldís natural resources are all at risk due to the
concentration of extreme wealth in the hands of a few. And yet the solution
could be so simple.
Comments
I almost spit my coffee out while watching this. Is it so hard for millionaires to say, maybe pay their employees a higher wage. The reasons our societies are crumbling is not because the government has too much money already, it's because the people that provide labor don't have enough money. Don't play silly games, pay your workers more money and spare us your government donations.
Yeah, right.....like we nvr heard that b4. Words cost nothing. At the same time, these millionaires & billionaires r spending millions in lobbying to prevent tax increases on the rich and asking 4 bailouts
If you are being honest, just share your wealth with your employees.
Tax on the extremely wealthy doesn't do much for the poor, the only way is that those companies need to pay people well and people can get themselves out of poverty.
These rich dudes are tricksters. They will dodge any tax by legal means such as hiring and alms-giving, while common man will have to shoulder the burden of the tax raise
A lot of comments say 'why don’t they just give away the money' One reason I can think of is that if they do so they reduce their wealth and power compared to other wealthy people. While if they were taxed, all the wealthy people would be forced to reduce wealth and power which means that their relative wealth power is maintained as it is now. Just like in case of arms race between countries
Millionaires are rich but certainly not ultra rich.
this is assuming that the government will use the tax money appropriately
To me the main problem in the USA is not the amount of tax money, it is the wasteful programs funded by Congress. Every program should experience cuts of 5-10%. USA spends more than the total amount spent by the next 13 countries combined on defense. The USA funds student loans without any restrictions or repercussions.
keep your money, don't give it to politicians
DW makes the best documentaries on YouTube. BRAVO.
One of the problems is global mobility. If one country taxes the wealthy, they simply move to another country. We need a unified global approach to solve this problem, something humanity clearly isn't capable of.
Global wealth tax would level the playing field. The ones that are against it, It’s not the money they have trouble parting with, it’s the power.
Have you thought about paying the workers decent wages, so they can buy a house, afford to go on vacations. I guess you made your millions by hiring people. I think you only make millions if you get hold of human resources and sell our resources at exorbitant prices, food, houses, electricity, gas, etc.!!!
The UK has population of 68 million. 171 are billionaires. In 2000 UK only had 14! Where did the north sea wealth go??? Where did COVID contracts go??? Where did the hundreds of billions spent to recover from 2008 go??? As the majority of British citizens saw zero income improvement since 2000, experienced a collapse of NHS, deal with sewage in their streams and shores due to privatization, watch schools and other infrastructure collapse its clear where the trillions in public funds went. Ditto USA and other self proclaimed democracies. Is it any wonder facism and authortarian governments are growing? Our political elite have given away the family jewels, silverware, art in return for power. Yet we blame Russia/China for our self inflicted wounds. Start wars and perform coups against our enemies dujour in hopes citizens join in the scapegoating. Today we're 8 billion precious humans and every year another 80 million net new precious humans join us. The barbaric nation state government/governance models of the past have no place in our world today. We must find our way to PEACE AND COOPERATION. We face civilization threatening situations that require our immediate attention. Our beautiful civilization built over thousands of years must be protected, strengthened.
This video brings me hope all is not lost. Money concentration is the hands of the few is getting worse and worse every day, but the power of the people is that there is a lot of us and we can demand change, we can demand taxation. Glad the millionaires in the video understand this. Regards from Poland.
Why are they begging politicians to take action? They have the money to take action themselves.
it's not about her paying more (a few singular cases wouldn't change the current situation) it's about a change the entire current mode, all, not 1-2-5-100, all !
Sheesh, these comments... Tell me you didn't pay attention to the documentary and understand it without using those words why don't you? 🙄
While waiting for govts to enact such a tax, which is unlikely to ever happen on a worldwide level, the wealthy should follow the example of Mackenzie Bezos and start giving away the wealth. There are enough credible NGOs and non-profits around the world that would do good things to help those in need.