The world’s wealthiest individuals are significantly more likely to hold political office compared to the general populace, according to Oxfam’s annual report on inequality.
Roughly 74 out of the globe’s 2,027 billionaires occupied either executive or legislative roles in 2023, granting them a 3.6% probability of holding office, as stated in the Oxfam study released on Sunday. In stark contrast, the average global citizen faced only a 0.0009% chance of securing such a position.
“This year’s report truly illuminates the connection between political and economic disparity,” remarked Rebecca Riddell, a senior manager for economic justice at Oxfam America. “The fact that billionaires are 4,000 times more likely to be in office than you or I underscores the immense power wielded by the billionaire class.”
Oxfam’s report, which utilized data compiled by Forbes and other sources, coincides with the kickoff of the World Economic Forum’s annual meeting in Davos, Switzerland—an elite gathering of some of the world’s wealthiest people and global leaders. Its release also occurs as US President Donald Trump, a billionaire, marks his first year in office.
Trump assembled the wealthiest cabinet and staff in modern American history, featuring numerous billionaires and multimillionaires leading federal agencies. His administration, alongside the Republican-led Congress, enacted a sweeping domestic policy package last year, including substantial tax breaks for the affluent and major reductions to the national social safety net programs. Furthermore, Trump is pursuing measures to strip significant protections from unionized federal workers, alongside dismantling consumer protection standards and corporate regulations.
“An administration led by billionaires is pushing a pro-billionaire agenda that has pushed the US to the brink of extremes in terms of inequality,” stated Riddell.
However, this oligarchy is a worldwide concern, she noted. The report highlights that the wealthiest individuals in Argentina and Africa maintain close ties with the President of Argentina and the leader of Nigeria, respectively, which has resulted in tax advantages for their businesses.
Profitable Year
2023 proved to be highly prosperous for the world’s billionaires.
Their wealth increased at three times the rate seen over the preceding five years, reaching a record $18.3 trillion, Oxfam determined.
Their collective net worth surged by $2.5 trillion, an amount nearly equivalent to the wealth held by the bottom 4.1 billion people. Two-thirds of this growth would have been sufficient to eradicate global poverty for a year, Riddell observed.
In the United States, the net worth of billionaires totals just under $8 trillion. America is also home to 932 billionaires—more than any other nation.
The US may also soon witness its first trillionaire. If Elon Musk experiences a year as lucrative in 2026 as he did last year, his fortune is projected to surpass $1 trillion before the next Davos forum, Riddell suggested.
Meanwhile, the global rate of poverty reduction has stalled, remaining essentially at 2019 levels overall, according to Oxfam. Nearly half of the world’s population—or 3.8 billion individuals—were living in poverty in 2022.
To remedy this imbalance, Oxfam advocates for reducing inequality by championing workers’ rights, increasing wages, dismantling monopolies, and strengthening universal public services and social protection; limiting the power of the ultra-rich through higher taxation and campaign finance reform; and boosting the political power of the people via voting rights and participatory governance.
“Combating inequality, constraining the power of the wealthiest, and advancing the power of ordinary people are truly key ways to both reduce disparity and promote democracy,” concluded Riddell.
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