According to UK-based anti-poverty organization Oxfam, world’s wealthiest 1% have accumulated over $33.9 trillion in real terms since 2015.
$33.9 trillion would be sufficient to eradicate extreme poverty 22 times, based on the World Bank’s highest income benchmark of $8.30 per person per day.
The collective wealth of about 3,000 world’s billionaires has grown by $6.5 trillion in the last decade, resulting in their total net worth being 14.6% of the global GDP.
However, despite the remarkable increase in personal wealth, initiatives aimed at alleviating global poverty have notably stagnated.
The wealthiest nations in the world are steadily reducing the life-saving development assistance since 1960.
Oxfam forecasts that G7 countries, which account for roughly 75% of all official aid, will cut their contributions by 28% in 2026 compared to 2024. The United Kingdom alone is forecasted to drop its aid spending by 40% by 2027.
The disparity between private and public wealth is also expected to widen. Between 1995 and 2023, global private wealth increased by $342 trillion, whereas public wealth during the same time-frame grew by only $44 trillion.
With more than half of the world’s poorest nations now on the verge of a debt crisis, many of them are forced to allocate more funds to debt servicing than to healthcare or education. The report specifically points to private creditors, who possess over half of the external debt of low-income nations, for their refusal to restructure loans and for imposing harsh repayment conditions.
According to the latest global public opinion survey, 90% of participants are in favor of taxing the ultra-wealthy to finance public services and climate initiatives.
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