Oxfam's new annual global inequality report reveals that 74 of the world's 2,027 billionaires held executive or legislative government positions in 2023, representing a 3.6% chance of holding political power.
This rate is 4,000 times higher than the global citizen average of 0.0009%. Rebecca Riddell, senior policy lead for economic justice at Oxfam America, commented, "This year's report truly illuminates the relationship between political inequality and economic inequality."
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Billionaire Elon Musk at Capitol Hill in 3/2025. *AFP*
According to the research, the super-rich build political power in three main ways: political bribery, investment to legitimize elite power, and direct access to institutions.
In 2023, over 11% of the world's billionaires either held or sought to run for government office. In 2024, for every 6 USD spent on candidates, parties, and committees in the US, 1 USD came from contributions by 100 billionaire families.
By 2025, the world witnessed the inauguration of a billionaire president with a cabinet including many billionaires, backed by the world's richest person. This was the administration of US President Donald Trump and former advisor Elon Musk.
Beyond politics, billionaires and the super-rich increasingly dominate media and artificial intelligence (AI), according to Oxfam. More than half of the world's largest media corporations are owned by billionaires. Nine out of 10 largest social media companies are run by six billionaires; eight out of 10 leading AI companies belong to billionaires.
Oxfam's report, based on data analysis from Forbes and other sources, noted 2025 as a prosperous year for billionaires. Their wealth growth rate was three times faster than the previous five-year average, reaching a record 18.3 trillion USD.
In the US, the total net worth of billionaires rose to nearly 8 trillion USD. It is also home to 932 billionaires, the most in the world. Oxfam forecasts that the world's largest economy will soon see its first trillion-dollar billionaire. On 17/1, Forbes estimated Tesla's CEO's wealth currently at 780 billion USD, nearing the 800 billion USD mark.
Meanwhile, the global poverty reduction rate has stalled, generally remaining at 2019 levels. Oxfam calls for reducing inequality by promoting workers' rights, raising wages, increasing public services, and strengthening social safety nets. Concurrently, it advocates for preventing the expansion of monopolies and curbing the power of the super-rich through increased taxes and campaign finance reforms.
Phien An (according to Oxfam, CNN)
