As shown by Oxfam yearly study on inequality, the richest people in the planet have a much better chance of exercising political power than anyone else. According to a survey by Oxfam, published on Sunday, in 2023 about 74 of the 2027 billionaires worldwide held executive or legislative positions, which gave them 3.6% chance of holding office. By comparison, the average citizen of the planet had only a 0.0009% chance of holding office.
"This year's study truly sheds light on the link between political inequality and economical inequality," said Rebecca Riddell, elder economical justice politician in Oxfam America. "The fact that billionaires are 4,000 times more likely to take office than you or I, underlines how powerful billionaires are."
The Oxfam report, based on data collected by Forbes and another sources, was published at the time of the launch of the yearly planet economical Forum in Davos, Switzerland, an elite gathering of the richest people and planet leaders. His publication besides coincides with the first year of the billionaire office and US president Donald Trump.
"The administration led by billionaires implements a programme conducive to billionaires, which led the United States to an utmost in terms of inequality," said Riddell.
However, Oligarchy is simply a global problem," she added. The study indicates that the richest men in Argentina and Africa have close ties with the president of Argentina and the leader of Nigeria, leading to taxation breaks for their companies.
Lending year
The year 2025 was a year of prosperity for billionaires worldwide. Their wealth grew 3 times faster last year than the average of the last 5 years, reaching a evidence level of $18.3 trillion as reported by Oxfam. Their full wealth increased sharply by 2.5 trillion dollars, nearly equal to the wealth of 4.1 billion people in the bottom half of the ladder of wealth. 2 thirds of this growth would have been adequate to put an end to global poorness for a year, said Riddell.
In the United States, the net wealth of billionaires is little than $8 trillion. It is besides a country where 932 billionaires live – more than in any another country. America can shortly see the world's first billionaire. If Elon Musk will have as lucrative a year in 2026 as last year, his property will exceed a trillion dollars before another forum in Davos, said Riddell.
To remedy this imbalance, Oxfam calls for a simplification of inequalities by promoting labour rights, raising wages, breaking up monopolies and strengthening universal public services and social safety networks; reducing superrich powers by raising taxes and introducing improvement of the backing of electoral campaigns; and building political power of people through voting rights and participatory governments.
"Limiting inequality, reducing wealth and promoting the power of average people are truly key ways not only to reduce inequality, but besides to advance democracy," Riddell said.
