In his book The Society of Equals, the leading French sociologist Pierre Rosanvallon identifies the rise of the global super-rich as inimical to a shared social order. “The secession of the wealthy,” writes Prof Rosanvallon, means that “the richest sliver of the population now lives in a world unto itself”.
Tax avoidance is perhaps the most obvious and resented way in which this “separatism” of the rich manifests itself. Whether through silting their money away in tax havens, or exploiting loopholes and using creative accounting, the world’s billionaires these days pay a far smaller proportion of their income to fund public goods than the rest of us. In the 1960s, the 400 richest Americans paid more than half their income in taxes. By 2018, it was less than a quarter.
