Business
‘Brazen’ political influence of rich laid bare as wealth of billionaires reaches $18.3tn, says Oxfam
The world saw a record number of billionaires created last year, with a collective wealth of $18.3tn (£13.7tn), while global efforts stalled in the fight against poverty and hunger.
Oxfam’s annual survey of global inequality has revealed that the number of billionaires surpassed 3,000 for the first time during 2025. Since 2020, their collective wealth grew by 81%, or $8.2tn, which the charity claims would be enough to eradicate global poverty 26 times over.
But the authors reported that most governments were failing ordinary people by capitulating to the increasingly blatant influence of the rich.
The past 12 months have seen youth-led uprisings against inequality across countries in Africa, Asia and Latin America. But protests over corruption, austerity, unemployment and high living costs have routinely been ignored and instead harshly put down by governments, said Max Lawson, co-author of the report.
“Governments worldwide are making the wrong choice; choosing to defend wealth, not freedom. Choosing the rule of the rich. Choosing to repress their people’s anger at how life is becoming unaffordable and unbearable, rather than redistributing wealth from the richest to the rest,” said Lawson.
“The economically rich are becoming politically rich the world over, able to shape and influence politics, societies and economies,” he said. “In the past, rich people were perhaps more coy about pulling the levers of power, but it’s becoming more and more brazen, this kind of marriage between money and politics.”
In Kenya, the social activist Wanjira Wanjiru said the effects of inequality were most apparent where she worked in Mathare, a slum in Nairobi where many people lacked access to clean water and sanitation facilities but where an adjacent golf club had sprinklers constantly running to maintain the greens and fairways.
Source: TheGuardian
