The global wealth of billionaires reached an unprecedented level in 2025, “undermining political freedom” and deepening inequality, according to a new report published Monday by Oxfam, cited by AFP. The report was released on the opening day of the World Economic Forum in Davos.
According to Oxfam, the 12 richest billionaires now own more wealth than the poorest half of the world’s population—around four billion people. The organization highlights that the gap between the ultra-rich and the rest of society continues to widen, with billionaire wealth growing sharply year on year.
In 2024, the world surpassed 3,000 billionaires for the first time, whose combined fortunes reached $18.3 trillion. Their wealth increased by 16.2% in a single year, three times faster than the average growth rate recorded over the previous five years. At the same time, progress in reducing poverty has slowed, largely as a consequence of the COVID-19 pandemic.
Oxfam warns that this extreme concentration of wealth enables the ultra-rich to exert disproportionate influence over public life. By securing privileged access to institutions and acquiring media outlets, billionaires can shape political narratives, “undermining political freedom and eroding the rights of the majority,” the report states.
The NGO estimates that the ultra-wealthy are 4,000 times more likely to hold political office than ordinary citizens. Oxfam points in particular to the United States, the world’s leading economic power, where the administration of Donald Trump includes several billionaires.
“The widening gap between the rich and the rest is at the same time creating a political deficit that is highly dangerous and unsustainable,” warned Oxfam CEO Amitabh Behar, describing the situation as a dangerous vicious circle.
With US midterm elections scheduled for November 2026, Oxfam notes that major tax cuts for businesses and households are being planned, while American multinational corporations have secured exemptions from the 15% global minimum tax agreed at international level.
“The surge in billionaire wealth coincides with the US Trump administration pursuing a pro-billionaire agenda. It has slashed taxes for the super-rich, undermined global efforts to tax large corporations, reversed attempts to address monopoly power and contributed to the growth of AI-related stocks that have provided a boon to super-rich investors world-wide,” the NGO argues.
Oxfam is calling for concrete action to curb the power of the ultra-rich, including fair taxation of extreme wealth and a ban on political campaign financing by powerful private interests. More than 60 heads of state, among them Donald Trump, are expected to attend the World Economic Forum in Davos, taking place from January 19 to 23.