Influence of super rich on Donald Trump threatens democracy, say Patriotic Millionaires

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Influence of super rich on Donald Trump threatens democracy, say Patriotic Millionaires
Author: Graeme Wearden and Heather Stewart in Davos
Published: Jan, 22 2025 05:00

Pro-tax group tell world leaders that ‘wealth extremism’ is damaging trust in media and influencing legal systems. The influence of the super rich on Donald Trump’s presidency is a threat to global stability, a new poll of millionaires has found. A survey of more than 2,000 millionaires across G20 countries published by the Patriotic Millionaires group has found more than half believe extreme wealth concentration is a threat to democracy. About 70% agreed that the influence of those with extreme wealth is leading to a decline in trust of the media, the justice system and democracy.

“The super rich are buying themselves more wealth and more power while the rest of the world is living in economic fear,” said the activist and co-founder of taxmenow, Marlene Engelhorn, an heiress whose wealth comes from the medical technology company Boehringer Mannheim.

Speaking on the sidelines of the World Economic Forum in Davos, Engelhorn warned that democracies were vulnerable to the influence of the super rich. “We are standing already now on the shoulders of all the people who have fought, and died also, to get democracy. It’s our duty to protect it as best we can, so that whoever comes after us – already, we’re leaving them with a God-awful situation – but we can do as much as possible,” Engelhorn said.

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