Global Paradox: The Richest 1% Own Enough Wealth to Eradicate Poverty 22 Times Over
According to the latest report by the anti-poverty organization Oxfam, the richest 1% of the planet's population increased their wealth by $33.9 trillion in the past decade. This huge amount is enough to end extreme poverty globally 22 times.
A report by Oxfam, a UK-based non-governmental organization, paints an alarming picture of global economic inequality.
Since 2015, the world’s richest 1% have gained $33.9 trillion. Based on the World Bank’s highest income threshold of $8.30 per person per day, that amount of money could end extreme poverty 22 times over.
The report also found that the world's 3,000 billionaires have seen their wealth increase by $6.5 trillion over the past 10 years. Their combined net worth now accounts for 14.6% of global GDP.
While the personal wealth of the super-rich has soared, efforts to reduce poverty around the world have stalled significantly.
Rich countries are making the biggest cuts to development aid since 1960, Oxfam said. Notably, the G7 group of countries, which accounts for about 75% of global official aid, are forecast to reduce their contributions by 28% in 2026 compared to 2024. The UK alone is expected to cut aid spending by 40% by 2027.
The gap between private and public wealth is also widening. Between 1995 and 2023, global private wealth soared by $342 trillion, while public wealth grew by just $44 trillion over the same period.
As a direct result of these inequalities, more than half of the world’s poorest countries are on the brink of a debt crisis. The report warns that many countries are being forced to spend more on debt servicing than they spend on health and education.
Oxfam has been particularly critical of private creditors, who hold more than half of low-income countries' foreign debt, for refusing to restructure loans and imposing harsh repayment terms.
Faced with this situation, a global public opinion survey cited by Oxfam shows that up to 90% of respondents support taxing the super-rich to have more resources to fund public services and actions against climate change.
