As the World Economic Forum opens in Davos, Switzerland, international charity Oxfam has released its latest 'Inequality Report,' pointing out that the number of global billionaires has surpassed 3,000, with total wealth reaching $18.3 trillion (74.21 trillion Malaysian Ringgit), marking a record high. The report warns that this concentration of wealth is exacerbating the global wealth gap and destabilizing democracy.
Billionaire Wealth Soars 81% in 3 Years
According to a CNBC report, total assets of global billionaires have skyrocketed by 81% since 2020, with 2023 alone seeing an increase of $2.5 trillion (10.14 trillion Malaysian Ringgit) (a 16% jump). Oxfam criticizes that behind this 'Decade of the Billionaires' lies the risk of moneyed interests deeply intervening in politics and the media. Overall, the report names several super-rich individuals closely tied to structures of power, including: Elon Musk's direct involvement in US executive decision-making in early 2025, Jeff Bezos's ownership of The Washington Post, and French tycoon Vincent Bolloré's acquisition of the right-wing French news website CNews.
Oxfam's Executive Director, Amitabh Behar, gave this warning: "When the wealthy control politics, the economy, and the media to an excessive degree, then social freedom, fairness, and anti-poverty measures are sacrificed."
Poverty Improvement Stalled: 10% of Americans Still Living Below Poverty Line
Meanwhile, the report also points out that although global poverty rates temporarily declined after the COVID-19 pandemic, there has been almost no significant improvement since 2019; in 2024, about 10% of the US population remains below the poverty line. According to data from the US Census Bureau, this starkly contrasts with continued tax reforms benefiting the rich.
In 2025, the 'Big and Beautiful' Act promoted by US President Trump will give those earning over a million dollars a year an additional 3% income boost; at the same time, according to a report by the Ludwig Institute for Shared Economic Prosperity, most Americans are unable to maintain a 'basic standard of living.'
The report also reveals that by 2025, there will be over 140 major anti-government protests erupting across 68 countries worldwide, most of which have been violently suppressed by authorities. In Iran, for example, more than 2,500 people have died since an economic crisis sparked protests late last year. Behar bluntly stated: "Economic poverty causes hunger; political poverty leads to anger."
Oxfam calls on governments around the world to formulate 'inequality reduction plans,' levy higher taxes on super-rich individuals, and reinforce a 'firewall between politics and wealth,' to prevent concentrated wealth from influencing policy and freedom of speech.
Decreased Aid May Lead to More Humanitarian Crises
Of particular concern is that wealthy nations are further cutting aid funds to developing countries. The report points out that the downsizing and suspension of aid by the US Agency for International Development (USAID) could result in an additional 14 million deaths before 2030, causing catastrophic consequences for countries in the Global South.
Under the triple pressures of billionaire dominance, worsening poverty, and frequent protests, Oxfam stresses that the world must rebuild a fair taxation system and ensure freedom of speech and political participation if it is to prevent the 'rule of the billionaires' from becoming a new crisis for modern democracy.