The combined wealth of the world’s billionaires reached an all-time high in 2025, fuelling inequality and eroding democratic balance, according to a new report by Oxfam. The findings come as political and business leaders convene in Davos, reigniting debate over who shapes global economic and political decisions.
Record wealth concentration at the top
Global billionaire wealth surged to unprecedented levels last year, with Oxfam warning that the trend is “undermining political freedom” and widening social divides. The NGO points to policies promoted by US President Donald Trump, who is expected to feature prominently at the annual gathering of the world’s most powerful and wealthy in the Swiss Alps.
The report notes that the world’s 12 richest billionaires now hold more wealth than the poorest half of humanity combined, roughly four billion people. In 2024, the number of billionaires worldwide exceeded 3,000 for the first time, while their combined fortunes rose above $18.3 trillion.
Wealth growing faster than living standards
According to Oxfam, billionaire wealth increased by 16.2 percent last year, three times faster than the average pace recorded over the previous five years. At the same time, progress in reducing global poverty has slowed significantly since the outbreak of the Covid-19 pandemic in 2020.
The organisation also estimates that billionaires are 4,000 times more likely than ordinary citizens to hold political office, highlighting the concentration of economic and political power, particularly in the United States, where several billionaires hold senior positions within the Trump administration.
Protests as elites meet in Davos
World Economic Forum meetings began this week in Davos, drawing protests alongside the high-profile summit. Demonstrators criticised what they see as decision-making without democratic legitimacy on issues ranging from economic policy to climate action.
Around 300 protesters wore masks depicting figures such as tech billionaire Elon Musk, German Chancellor Friedrich Merz and US Vice President JD Vance, while holding imitation banknotes. Hundreds more had marched on foot towards Davos from neighbouring communities over the weekend, although only a portion were allowed to participate in Monday’s demonstration.
‘Decisions without democratic legitimacy’
Speaking at the protest, Nathalie Rios, vice-president of the Swiss Socialist Youth, argued that Davos hosts “the most powerful and wealthiest people in the world” who discuss the future of economies and the climate “without any democratic mandate”.
She described it as “unacceptable” for Davos to welcome “figures such as Donald Trump”, claiming that doing so contributes to legitimising their actions. Authorities briefly blocked access roads to the resort for around 90 minutes before allowing limited movement, according to a journalist from Agence France-Presse.