Oxfam warns of ‘billionaire decade’ as extreme wealth surges to record high

Billionaire wealth has risen to a record £13.6 trillion after rising at triple the recent average rate last year, according to Oxfam research ahead of the World Economic Forum in Davos.

The new report, Resisting the Rule of the Rich: Protecting Freedom from Billionaire Power, shows how a small global elite is using vast wealth to weaken rights and freedoms, rewrite economic rules and even influence politics.

The wealth of billionaires increased by £1.8 trillion last year alone – enough to eradicate extreme poverty 26 times over – leading to warnings that a “billionaire’s decade” is on the horizon, which could give rise to the influence of the global elite in political decision-making.

The research found that billionaires are 4,000 times more likely to hold office than ordinary people, leading to a trend of disillusionment among voters globally.

In a survey across 66 countries, nearly half of people surveyed said that "the rich often buy elections" in their country.

In Wales, over 2 in 10 people are in poverty, a figure which has remained stagnant for over 20 years. Hade Turkmen of Oxfam Cymru said that Cymru sees the consequences of a system that favours the wealthy “every day”.

“Families are working hard yet struggling to put food on the table, while this tiny global elite amass unprecedented fortunes and exercise disproportionate power and influence.

“Cymru has a strong tradition of fairness and solidarity, and people here are clear that wealth and power must be shared more fairly.

“As a globally responsible nation, Wales should play its part by supporting action to reduce inequality, curb the influence of extreme wealth, and invest in a future where everyone has the chance to thrive.

“Tackling inequality isn’t just an economic necessity - it’s essential to protecting our rights, our freedoms, and the health of our democracy.”

To address these issues, Oxfam calls on governments to tackle extreme inequality by taxing the super-rich on assets over £10 million. According to YouGov polling, over 79% of people in Wales would support the introduction of a wealth tax.

Alongside, they urge governments to protect democracy by strengthening rules on lobbying, campaign funding and political influence, as well as defend people’s rights to organise and protest without fear.

Sonya Sultan, Chief Influencing Officer at Oxfam GB said: "Most people do not want a world dominated by billionaires. Rising protests globally shows people are rejecting a system rigged in favour of a few.

"We’re seeing widespread anger against the rigging of elections and economies to hand power and riches to the few. From the youth-led protests in Kenya, Bangladesh, Nepal and Sri Lanka, these voices are demanding change, and we must listen to them and act.

"In the UK a clear majority of people favour a wealth tax. Deep economic, political and social inequalities matter to people.

"Political leaders need to listen and respond accordingly: stop protecting the wealth and power of a few, at the expense of the opportunities and rights of the rest of the population. Remember who you are meant to represent and serve.”

The full report is available to download here.