1 week Ago By Moneycontrol
Abigail Disney, granddaughter of Roy O Disney—co-founder of The Walt Disney Company—called for a wealth tax on America’s richest individuals, asserting that billionaires who are unable to live comfortably on less than a billion dollars suffer from an unhealthy fixation on wealth. In an interview with The Guardian , the philanthropist and heiress argued that individuals with fortunes exceeding $999 million should not hesitate to redistribute their wealth through taxation or charitable giving. “I believe that every billionaire who can’t live on $999m is kind of a sociopath.
Like, why?” she said. “You know, over a billion dollars makes money so fast that it’s almost impossible to get rid of. And so by just sitting on your hands, you become more of a billionaire until you’re a double billionaire.
It’s a strange way to live when you have objectively more money than a person can spend.” Disney, who has publicly distanced herself from the practices of many in the billionaire class, has long been critical of wealth concentration and the systems that perpetuate economic inequality in the United States. While many wealthy individuals have chosen to share their wealth, she said, a significant number do not—and that, she believes, is detrimental to democracy and societal wellbeing.
Over the years, Disney has pledged large portions of her own inheritance to progressive and humanitarian causes. By 2021, she had donated approximately $70 million, supporting initiatives that aid women living with HIV, women in prison, and survivors of domestic violence. Her philanthropic philosophy is rooted in a belief that the wealthy must not only give more, but also advocate for systemic change.
She is also a prominent member of the group Patriotic Millionaires—an organisation of affluent Americans who argue that the rich should be taxed more heavily. The group campaigns for higher taxes on income, capital gains, and inheritances for the ultra-wealthy, stating that this is essential for a healthy democracy. Disney’s critique of excessive wealth is not confined to personal opinion.
She has repeatedly voiced concern about the corrosive influence of concentrated money on political systems and public life. In a speech delivered at the Vatican, she decried the increasing tendency of the wealthy to use their fortunes to consolidate power and influence, often to the detriment of others. Expressing concern about the societal consequences of unchecked wealth, she said she feared the greed and selfishness of the ultra-rich were threatening democratic values.
“I was able to live a comfortable life in America,” she said, “not because I worked harder than others, but because of things like tax rules that worked in my favour, good fortune, and the support of my grandparents.”.
