<h2 class="wp-block-heading eplus-wrapper">Cap in hand</h2>

It was in the 19th Century that the small Swiss town of DavosDavos is the informal name of the annual, four-day conference held by the World Economic Forum (WEF) in Davos-Klosters, Switzerland. According to WEF's website, the aim is to "engage the foremost political, business, cultural, and other leaders of society to shape global, regional, and industry agendas". became a global hotspot, when doctors began to recommend that rich patients go to stay there. Its frigid microclimateThe climate of a very small area - especially one that is different to the climate surrounding it. was thought to be perfect for treating lung disease.

Two centuries later, Davos still hosts the world's wealthiest people once every year. Yesterday was the first day of the World Economic ForumAn independent organisation based in Switzerland which is committed to improving the world. annual meeting, where the rich and powerful discuss global affairs.

But one thing has changed: those people have got a lot wealthier. The richest man in the world in the middle of the 19th Century was Cornelius VanderbiltA wealthy 19th Century American businessman who built a fortune in railways and shipping. , who died with a $100m fortune - about $3bn (£2.35bn) today.¹ Today the world's wealthiest man, Elon MuskA South African-born entrepreneur whose companies have included the online payment service PayPal. He now controls Twitter, renamed 'X'., has more than 80 times that amount, at $251bn (£197bn).²

And it keeps growing. A new report by OxfamAn international charity, originally British, that works to alleviate global poverty. claims the five richest men in the world have seen their personal wealth skyrocket by 114% in just the last few years.

Another difference: that famous Davos microclimate is rapidly disappearing. The Swiss AlpsA mountain range in southern central Europe. are heating at a rate of around 0.3C per decade, which is twice as fast as the global average.³

Some experts say these two things are related. They claim global inequality is ruining our lives and the planet.

It is not just that the rich have got richer. The poor have got poorer as well. Nearly 800 million workers worldwide have collectively lost $1.5tn in the last two years.⁴

And inequality, experts say, may be self-reinforcing. Studies suggest that rich people have less empathyThe capacity to understand and feel the suffering of others. for others than poor people.⁵

So the richer people get, the less likely they are to feel sorry for the poor, and to try to improve their lot.

And, some argue, inequality has a climate impact. The richest 10% of the world population contributes half of all carbon dioxide emissionsThings that are released, such as gases, as part of a process. E.g. greenhouse gases. .⁶

That is why some believe it is time to cap wealth. Belgian philosopher Ingrid Robeyns argues we should adopt "limitarianism" - an upper limit on the amount of income and wealth a single person can have.

But others say this is wrongheaded. They claim that people will only innovate new technologies if they believe it will make them rich. A limit on wealth would take away this incentive.

Should there be a limit to wealth?

Yes: Excessive wealth is destroying the planet and our societies. To save the human race, we must rein in its most fortunate members.

No: Property is an essential right and putting limits on what people can earn or own would violate it. We can instead steer people towards using their wealth in responsible ways.

Or: Limitarianism may be a good idea, but in practice it is impossible because billionaires have a lot of influence on politics and they would surely intervene to block any such programme.

Davos - Davos is the informal name of the annual, four-day conference held by the World Economic Forum (WEF) in Davos-Klosters, Switzerland. According to WEF's website, the aim is to "engage the foremost political, business, cultural, and other leaders of society to shape global, regional, and industry agendas".

Microclimate - The climate of a very small area - especially one that is different to the climate surrounding it.

World Economic Forum - An independent organisation based in Switzerland which is committed to improving the world.

Cornelius Vanderbilt - A wealthy 19th Century American businessman who built a fortune in railways and shipping.

Elon Musk - A South African-born entrepreneur whose companies have included the online payment service PayPal. He now controls Twitter, renamed 'X'.

Oxfam - An international charity, originally British, that works to alleviate global poverty.

Alps - A mountain range in southern central Europe.

Empathy - The capacity to understand and feel the suffering of others.

Emissions - Things that are released, such as gases, as part of a process. E.g. greenhouse gases.