The richest individuals on the planet are far more likely to be in energy politically than everybody else, Oxfam’s annual inequality report discovered.
Some 74 of the world’s 2,027 billionaires held both government or legislative authorities positions in 2023, giving them a 3.6% likelihood of holding office, in accordance to Oxfam’s examine, which was launched Sunday. By distinction, the typical world citizen had only a 0.0009% likelihood of holding office.
“This year’s report really shines a light on the relationship between political inequality and economic inequality,” stated Rebecca Riddell, senior coverage lead for financial justice at Oxfam America. “The fact that billionaires are 4,000 times more likely to hold office than you or I underscores just how much outsized power billionaires have.”
The Oxfam report, which attracts on information compiled by Forbes and different sources, is timed to coincide with the kickoff of the annual World Economic Forum assembly in Davos, Switzerland, an elite gathering of a number of the richest individuals and world leaders. Its launch additionally comes as billionaire US President Donald Trump marks his first yr in office.
Trump has assembled the wealthiest cabinet and workforce in trendy American historical past, with a number of billionaires and multimillionaires main authorities companies. The administration, together with a Republican-led Congress, final yr enacted a sweeping domestic policy package that included huge tax cuts for the rich and historic cuts to the nation’s safety net program. In addition, Trump is making an attempt to strip union protections from a large share of the federal workforce, in addition to dismantle consumer protection measures and corporate regulations.
“A billionaire-led administration has pushed a pro-billionaire agenda that has taken the US to the brink of extremes in terms of in terms of inequality,” Riddell stated.
Oligarchy, nevertheless, is a world problem, she stated. The report factors out that the richest males in Argentina and Africa have shut ties to Argentina’s president and Nigeria’s chief, respectively, which has led to tax breaks for his or her companies.
2025 was a affluent yr for the world’s billionaires.
Their wealth grew three times sooner final yr than the previous five-year common, reaching a report $18.3 trillion, Oxfam discovered.
Their collective wealth skyrocketed by $2.5 trillion, which is nearly equal to the wealth held by the 4.1 billion individuals within the backside half of the wealth ladder. Two-thirds of that progress can be sufficient to finish world poverty for a yr, Riddell stated.
In the United States, billionaires’ web value totals slightly below $8 trillion. It’s additionally dwelling to 932 billionaires, more than every other nation.
America may additionally quickly see the world’s first trillionaire. If Elon Musk has as profitable a yr in 2026 as he did final yr, his wealth will high $1 trillion earlier than the following Davos discussion board, Riddell stated.
Meanwhile, the speed of poverty discount globally has stagnated, with ranges typically the place they have been in 2019, in accordance to Oxfam. Nearly half the world’s inhabitants – or 3.8 billion individuals – lived in poverty in 2022.
To deal with the imbalance, Oxfam is asking for decreasing inequality by selling staff’ rights, elevating wages, breaking apart monopolies and strengthening common public companies and the protection web; limiting the facility of the superrich by elevating taxes and enacting marketing campaign finance reform; and constructing political energy of the individuals by voting rights and participatory authorities.
“Curbing inequality, curbing the power of the very richest and promoting the power of ordinary people are really key ways to both reduce inequality but also promote democracy,” Riddell stated.