Joseph Stiglitz, who won the Nobel Prize for economics, has called for the introduction of a worldwide income tax rate of 70% on the highest earners to create a more ‘egalitarian, cohesive society’.

This follows around 200 millionaires lobbying the World Economic Forum (WEF) in Davos to ‘tackle extreme wealth’ and ‘tax the ultra-rich’ to help relieve the cost of living strain, last week.

The campaign has 206 signatories from 13 countries, including Abigail Disney, an heiress to the multimedia entertainment company, and actor Mark Ruffalo.