The world’s richest 1% have gained $33.9tn in real terms over the past decade, with billionaires alone increasing their wealth by $6.5tn, according to a new report from Oxfam. The findings underscore growing inequality as the charity calls for urgent reforms to tackle extreme wealth concentration.
Oxfam’s analysis reveals that between 2014 and 2024, the fortunes of the global billionaire class surged by 34% in real terms, adjusted for inflation. The report argues that this staggering accumulation of wealth could fund the eradication of global poverty 22 times over, spotlighting what it describes as a moral and economic failure of governments to curb excess while millions still struggle for basic needs.
According to the report, the richest 1% captured nearly half of all new wealth created during the decade, while the bottom 50% saw just 0.3% of the gains. The charity warns that this gulf is deepening social divisions, undermining democracy, and fuelling political instability across both developed and developing economies.
The acceleration in wealth at the top has been attributed in part to booming stock markets, generous tax regimes, and pandemic-era monetary policy that disproportionately benefited asset holders. Tech billionaires and financial magnates were among the biggest beneficiaries, with their net worths swelling as companies soared in value.
Oxfam is urging world leaders to implement wealth taxes, close loopholes, and enforce stricter rules on offshore holdings. “We are witnessing a transfer of power and influence into the hands of a few,” the report notes, arguing that without major structural changes, inequality will become even more entrenched.
In addition to fiscal reform, the charity also calls for stronger labour protections, public investment in essential services, and global coordination to tackle tax evasion. It cites examples from Argentina, Spain and Colombia, where temporary or permanent wealth taxes have raised billions in revenue with minimal economic disruption.
The timing of the report is significant, landing ahead of key international summits where economic inequality and development funding will be on the agenda. While some policymakers have shown increased openness to taxing extreme wealth, entrenched interests and political resistance have so far slowed momentum.
Critics of wealth taxation argue it may discourage investment and innovation, though Oxfam counters that the social costs of inaction are far greater. “A world where billionaires can thrive while billions go without is neither sustainable nor acceptable,” the report concludes.
REFH – newshub finance
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