World's richest offer to pay more tax at Davos

Hundreds of the world's richest people have sent an open letter to international leaders at the World Economic Forum in Davos, Switzerland, asking to be taxed more heavily, to lessen the impact of growing societal inequality.

In a letter titled "Proud to Pay", more than 250 billionaires and millionaires, including entertainment company heir Abigail Disney and Valerie Rockefeller from the famously wealthy US dynasty, argue that they would not feel any financial impact from paying more tax because of their extreme wealth, but that what they called "unproductive private wealth "would become "an investment for our common democratic future".

"Our request is simple: We ask you to tax us, the very richest in society," said the letter, signed by people from 17 countries. "This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations' economic growth… inequality has reached a tipping point, and its cost to our economic, societal and ecological stability risk is severe — and growing every day. In short, we need action now."