Quote from Alex bobby on June 28, 2025, 5:18 AM

How Much More Have Billionaires Amassed in the Last 10 Years? Oxfam’s Report Lays It Bare

In a world where nearly half the population—over 3.7 billion people—struggle to meet basic needs, the richest 1% are seeing their fortunes soar. According to a damning new report from Oxfam, billionaires have amassed $6.5 trillion (€5.5 trillion) over the last decade alone. And that’s just the beginning.

Since 2015, the wealthiest top 1% globally have added more than $33.9 trillion (€29 trillion) in real terms to their collective fortunes. Oxfam argues that this amount of concentrated wealth could end global poverty not once or twice—but 22 times over. Yet despite this potential, funding for programs to combat poverty and inequality continues to decline.

The Billionaire Boom: What $6.5 Trillion Could Have Done

Oxfam’s analysis, supported by World Bank data from 2021, estimates that individuals living in poverty require around $8.30 per day on average to meet basic living standards. When multiplied globally, the numbers are stark. The $6.5 trillion pocketed by billionaires over the past decade could have lifted billions out of poverty, funded universal healthcare and education, and covered the annual costs of the United Nations’ Sustainable Development Goals (SDGs) many times over.

To meet all 17 SDGs—including eradicating poverty, protecting the environment, and ensuring access to health and education for all—Oxfam calculates the required spending at $4 trillion a year. Executive Director of Oxfam International, Amitabh Behar, sums it up:

“Trillions of dollars exist to meet the global goals, but they’re locked away in private accounts of the ultra-wealthy.”

Governments Are Pulling Back, Not Leaning In

While private wealth is skyrocketing, government support for development is declining. Oxfam’s report finds that 2024 to 2026 will see the biggest cutbacks in foreign aid since records began in 1960.

The G7 nations, responsible for nearly 75% of all official aid globally, are slashing foreign aid by 28% by 2026. This is particularly concerning given that 60% of low-income countries are teetering on the edge of a debt crisis. These nations often face sky-high interest rates, limiting their capacity to borrow or invest in essential services like healthcare, education, and infrastructure.

The report criticises this reliance on private financing to fill the gap:

“Rich countries have put Wall Street in the driver’s seat of global development,” Behar says. “It’s a global private finance takeover.”

Instead, Oxfam calls for a “public-first” approach—urging governments to lead with public investment in essential services rather than outsourcing development to profit-driven institutions.

Private Wealth Is Surging—Public Wealth, Not So Much

From 1995 to 2023, private wealth grew eight times faster than public wealth, according to Oxfam’s analysis. While global public wealth rose by $44 trillion (€38 trillion) over nearly three decades, private wealth soared by $342 trillion (€292 trillion). To put that in perspective, the global GDP is around $100 trillion (€85 trillion) annually.

This growing imbalance has far-reaching consequences. Governments, especially in the Global North, face rising public debt while being pressured to cut spending. Meanwhile, ultra-wealthy individuals continue to benefit from low effective tax rates and growing investment portfolios.

A Taxing Problem: Billionaires and the 0.3% Rate

One of Oxfam’s most damning claims is that billionaires are paying an effective tax rate of just 0.3% on their wealth. In comparison, ordinary citizens in most countries pay far more through income, sales, and property taxes.

To explore public opinion on this issue, Oxfam and Greenpeace conducted a global survey across 13 countries, including the UK, France, Germany, and Italy. The results were overwhelmingly clear:

9 out of 10 people support increased taxation of the super-rich to fund public services and climate action.

What Needs to Change?

Oxfam offers clear policy recommendations, including:

• Taxing the ultra-wealthy: Implementing wealth taxes and closing loopholes to ensure billionaires contribute fairly.
• Public-led development: Investing in publicly managed sectors such as healthcare, education, energy, and transportation.
• Debt relief for low-income countries: Offering more equitable financing options and forgiving unsustainable debt loads.
• Reforming aid allocation: Moving away from risky, profit-led financing to focus on long-term, community-led solutions.

Conclusion

Oxfam’s latest report paints a stark picture of growing global inequality. Billionaires have gained more in the last decade than ever before—wealth that could have fundamentally changed the world. Yet instead of a fairer, more just global economy, we see widening inequality, shrinking aid, and missed opportunities to achieve the world’s most basic goals.

As public pressure grows and the window to meet the 2030 Sustainable Development Goals narrows, one thing is clear: the conversation about taxing the super-rich and reshaping global finance is no longer optional—it’s urgent.

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Billionaires gained $6.5 trillion in a decade—enough to end global poverty 22 times, says Oxfam. Here’s how extreme wealth is rising and what’s being lost in the process.

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