Chief executive officer of Publicis Maurice Lévy.
Wealthy Europeans are calling on their governments to raise taxes for the privileged in an effort to reduce their country's growing budget deficits.
Top earners from France, Germany and Italy are asking for higher taxes as emergency austerity proposals threaten to destabilise the economy in some of the EU countries worst hit by the global financial crisis, the New York Times reports.
Maurice Lévy, chairman and CEO of French advertising company Publicis said high income earners should be taxed more because it was "only fair that the most privileged members of our society should take up a heavier share of the national burden".
"I am not a masochist; I do not love taxes. But right now this is important and just," Mr Lévy wrote in the Financial Times on Tuesday.
This move comes after billionaire investor Warren Buffett argued for a similar proposal in the New York Times in August.
Mr Buffett criticised the United States for "coddling" the rich and said the US government should raise the highest income tax rate to reduce their deficit.
Mr Buffett's comment stirred debate among European's elites as to whether austerity measures in some countries are doing more harm than good, in particular putting a strain on the country's poorest citizens while sparing the rich.
Earlier this month, some of France's richest people — including the chief executives of Societe Generale, Airbus and PSA Peugeot-Citroen and L'Oreal heiress Liliane Bettencourt — were some of the 16 signatories in a petition published in the magazine Le Nouvel Observateur urging their government to raise taxes.
Jean-Philippe Delsol, of the Institute for Research in Economic and Fiscal Issues in France told the newspaper he found it "surprising" to hear of the recent willingness of the wealthy volunteering to pay higher taxes.
Mr Philippe Delsol said his research revealed that higher tax rates does not correspond to higher tax revenue for governments because it could give the rich a disincentive to earn.
"Maybe some are ashamed by what they earn … But they can just ask to be paid less," he added.