Millionaires are sounding the alarm about democracy - and blaming people like themselves

"As wealth inequality widens and billionaires become increasingly enmeshed with politics, the public is growing more and more disillusioned with the ultra-wealthy, and the role they play in society. It's not just those with low or median incomes who feel that way. A majority of millionaires now say that extreme wealth is a threat to democracy; that the ultra-rich buy political influence; and that political leaders should do more to tackle extreme wealth, like increasing taxes."

"That's according to a new poll from Patriotic Millionaires, a collection of high-net-worth individuals who advocate for more progressive taxes in order to close the wealth gap. The poll surveyed 3,900 people from G20 countries who have more than $1 million in assets, excluding their homes. The G20 is a group of 19 of the world's largest economies plus the European Union that meets to coordinate on global economic stability, trade, and financial policy."

"That's the consensus of poll respondents: 74% say the extremely wealthy "leverage the law in their own favor," and 69% say the influence of the superrich over politicians prevents action to address inequality. A majority also agreed that the concentration of extreme wealth is harmful to a "fair and factual media;" sets back social progress; prevents ordinary people from having a decent standard of living; and even keeps people from making deeper societal connections."

A poll of 3,900 individuals with over $1 million in assets across G20 countries finds growing concern among high-net-worth people about extreme wealth. Sixty-two percent view extreme wealth as a threat to democracy, and more than three-quarters say the ultra-wealthy buy political influence. Large shares say the very rich leverage laws in their favor and that superrich influence over politicians prevents action on inequality. Majorities also say concentrated wealth harms fair media, stalls social progress, reduces ordinary living standards, and weakens social connections. An Oxfam report notes billionaire wealth is at record highs.

Read at Fast Company