Following the release of the annual Global Wealth Reports by the consulting firm Boston Consulting Group (BCG), the peace and environmental organization Greenpeace has sharply criticized the escalating concentration of wealth. Mauricio Vargas, a Greenpeace financial expert, commented on Wednesday, stating that “while the energy prices which rose due to the war in Iran are causing millions of households in the country to struggle, the super-rich in the country are still becoming wealthier”.
According to the “Global Wealth Report” the number of people in Germany who possess more than $100 million (approximately 86 million euros) increased by about 1,100 over the past year. Consequently, roughly 5,000 ultra-wealthy individuals own over one quarter (27.3 percent) of Germany’s total financial wealth-nearly 3.4 trillion dollars out of 12.4 trillion.
Vargas attributes this development to an unjust tax system. “It cannot be acceptable that the super-rich are paying significantly lower tax rates than the hard-working middle class. This creates social explosives and, above all, robs the country of necessary financial breathing room” the financial expert maintained. He pointed out that municipalities, for example, are facing financial difficulties and cannot afford the necessary adjustments required to protect the population against upcoming heatwaves, heavy rainfall, and storms.
Vargas argued that the “broad shoulders of the high-net-worth individuals, who have significantly contributed to the climate crisis” must participate more robustly in measures designed to protect people from this crisis. Greenpeace has suggested an ecological wealth tax on the super-rich, which would generate a minimum of 25 billion euros for the public sector annually. This money, he argued, could go where it is most needed: to municipalities preparing for increasing extreme weather events and implementing heat action plans.
