Bill Gates: The super rich should pay more taxes

Billionaire Bill Gates continues to call for higher taxes on the rich when attending the World Economic Forum (WEF) Davos 2024 taking place this week.

Bill Gates - a 68-year-old American billionaire - currently has a net worth of about 121 billion USD, making him the 8th richest person in the world. In 2019, Bill admitted that he and many other super-rich people pay too little tax. At WEF Davos 2024, Bill Gates continued to argue that the richest countries should donate more money to developing countries to create balance and address inequality in society.

"In any country, company or individual, those with more money and better conditions should be generous by voluntarily paying more taxes," said Bill Gates.

Bill Gates, founder of Microsoft, is the 8th richest person in the world, according to Forbes. Photo: Business Insider — Bill Gates, founder of Microsoft, is the 8th richest person in the world, according to Forbes. Photo: *Business Insider*

Hundreds of billionaires and millionaires agree with Bill on this point of view, according to Business Insider. They also unanimously signed a small letter, calling on world leaders to tax their assets.

Millionaires and billionaires believe that increasing property taxes will not change their living standards or their families’ or their country’s economic growth. On the contrary, it will help reduce inequality in the world and stabilize the global economy, society and ecology.

“We need to act now,” the world’s richest people wrote in an open letter.

In addition to Bill Gates, the list of the world's richest people who signed the open letter includes famous names, such as Abigail Disney, granddaughter of Roy O. Disney - co-founder of Walt Disney Company; Brian Cox - Emmy and Golden Globe award-winning actor, or Valerie Rockefeller - heiress to the richest business family in America...

A recent survey by The Guardian of the super-rich (those with assets of 1 million USD or more) showed that over 70% support raising taxes to help improve public services and reduce the cost of living.

According to Oxfam's estimates, the total wealth of the five richest people on the planet, including Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg, has increased by 114% in 3 years, to nearly 870 billion USD in 2023.

Minh Anh (according to Business Insider)

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