Proud to have authored a new report for Patriotic Millionaires UK and Good Ancestor Movement: Risks of Extreme Wealth. Available here: https://lnkd.in/evzeT8KX
This is the first public flag in the sand for an ambitious new initiative I'm helping to develop which is working to establish an 'extreme wealth line' (EWL), akin to the poverty line.
An EWL would seek to galvanise political action on a global stage and change the narrative on extreme wealth as not just something aspirational but a phenomenon that is actively harming some of the most critical aspects of modern life, from democracy to the environment.
Some (not so) fun facts to put the spiralling and embedded state of extreme wealth into perspective:
📌 Since 2020, the wealth of the world’s five richest men has doubled, while the wealth of five billion people has fallen
📌 To earn a top spot on the Sunday Times Rich List at £23 billion, we would have to be paid £196,581 an hour, fifty hours a week, for forty-five years.
📌 If current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years.
📌 The 100 wealthiest Americans had 60,000 times more political power than the average American
📌 7 out of 10 of the world’s biggest corporations have a billionaire as CEO or principal shareholder.
This is just the tip of the iceberg. One of the biggest issues with extreme wealth is that it is deeply systemic, interlocking, compounding and exacerbating many of our biggest challenges.
The report draws together some brilliant research already done in this space identifying risks to seven critical domains, while also making the case for additional research into the tipping points at which harm kicks in, and ultimately the need for an EWL to create the political and public headroom for urgent action and discussion on the issue.
Do give the report a read, share and let me know your thoughts!
🙏 Based on a literature review by Dr Kojo Koram also previously commissioned by Patriotic Millionaires UK and Good Ancestor Movement.