Report reveals that the wealthiest individuals on the globe are significantly more inclined to hold political power compared to the rest of the population. According to a study, 74 of the world’s 2,027 billionaires occupied either executive or legislative government positions in 2023, resulting in a 3.6% probability of holding office. In contrast, the typical global citizen faced merely a 0.0009% probability of attaining a position in office. “This year’s report really highlights the connection between political inequality and economic inequality,” stated Rebecca Riddell. “The observation that billionaires are 4,000 times more likely to hold office than the average citizen highlights the disproportionate influence wielded by this elite group.”
The report is strategically released to align with the commencement of the annual World Economic Forum meeting in Davos, Switzerland, which convenes an exclusive assembly of some of the wealthiest individuals and global leaders. The timing of its release coincides with the one-year anniversary of billionaire US President Donald Trump’s tenure in office. Trump has gathered the most affluent cabinet and team in contemporary American history, featuring numerous billionaires and multimillionaires at the helm of government agencies. The administration, in conjunction with a Republican-led Congress, enacted a comprehensive domestic policy package last year that featured substantial tax reductions for the affluent and unprecedented reductions to the nation’s safety net program. Furthermore, Trump is seeking to eliminate union protections for a significant portion of the federal workforce, alongside efforts to dismantle consumer protection initiatives and corporate regulations. “A billionaire-led administration has advanced a pro-billionaire agenda that has brought the US to the brink of extremes regarding inequality,” Riddell stated.
Oligarchy, however, represents a pervasive global concern, she stated. The report highlights the connections between the wealthiest individuals in Argentina and Africa with the respective leaders of Argentina and Nigeria, which have resulted in favorable tax arrangements for their enterprises. 2025 proved to be a year of significant wealth accumulation for the global billionaire class. Oxfam found that their wealth increased at a rate three times greater last year compared to the average over the previous five years, culminating in a historic total of $18.3 trillion. Their aggregate wealth surged by $2.5 trillion, a figure that nearly matches the total wealth possessed by the 4.1 billion individuals situated in the lower half of the wealth distribution. According to Riddell, two-thirds of that growth would suffice to eradicate global poverty for a year. In the United States, the aggregate net worth of billionaires amounts to nearly $8 trillion. The nation boasts a total of 932 billionaires, surpassing any other country in this regard. America could potentially witness the emergence of the world’s first trillionaire in the near future. According to Riddell, should Elon Musk replicate his financial success from the previous year in 2026, his net worth is projected to exceed $1 trillion prior to the upcoming Davos forum.
Meanwhile, the global rate of poverty reduction has plateaued, with levels largely remaining consistent with those observed in 2019, as reported. In 2022, approximately 3.8 billion individuals, representing nearly half of the global population, were living in poverty. Oxfam is advocating for measures to rectify the existing imbalance by emphasizing the importance of promoting workers’ rights, increasing wages, dismantling monopolies, and enhancing universal public services and safety nets. The organization also suggests curbing the influence of the ultra-wealthy through tax increases and campaign finance reform, while simultaneously empowering the populace by ensuring voting rights and fostering participatory governance. “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.