According to the report, the richest 1 percent of the global population have gotten richer by at least $33.9 trillion, enough to end poverty 22 times.
The world’s wealthiest are accumulating riches at a staggering pace. A new report by Oxfam reveals that the combined real wealth of the globe’s 3,000 billionaires has surged by $6.5 trillion over the past decade—an amount equal to 14.6% of the entire global economic output.
Since 1990, the average billionaire’s wealth has grown by more than 1,000%. Meanwhile, the richest 1% of the global population has gained at least $33.9 trillion in real terms—enough, according to Oxfam, to end annual global poverty 22 times over.
The report highlights how this growing concentration of wealth is exacerbating inequality. In the UK alone, the number of billionaires has jumped from 15 in 1990 to 165 in 2024, according to data from the Equality Trust.
Despite their vast fortunes, billionaires pay an effective tax rate of just 0.3% on their wealth—far below what most ordinary workers pay, Oxfam says. Private wealth has grown eight times faster than public wealth held by governments between 1995 and 2023.
Calls for Wealth Tax Gain Momentum
In response to this stark inequality, advocacy groups and experts are urging governments to impose wealth taxes on the ultra-rich.
“The government must fairly tax the trillions of pounds locked away in the bank accounts of the super-rich and prioritise the fight against inequality, gendered oppression, and the climate crisis,” said Rachel Noble, a senior policy adviser at Oxfam.
Countries like Spain, Brazil, Germany, and South Africa have already taken action, endorsing a motion at last year’s G20 summit calling for a minimum 2% wealth tax on billionaires. Leading French economist Gabriel Zucman estimates such a tax could generate up to $250 billion annually.
These nations argue that the levy must be accompanied by measures to crack down on tax havens. They say billionaires who base themselves in low-tax jurisdictions like Monaco or Jersey but earn money in countries like the UK or France should not be allowed to avoid contributing to public funds.
A recent Oxfam survey supports this view, with 86% of respondents agreeing that governments should close tax loopholes and stop wealthy individuals and corporations from using tax havens to avoid paying their fair share.
