1 in 4 Face Hunger as Billionaire Wealth Grows Higher Than Any Time in History: Oxfam

New Delhi: The tide of billionaire wealth in the world today is higher than any time in history – in the past five years, it has risen three-fold as one in four people face hunger, says a new report ‘Resisting the Rule of the Rich’ by Oxfam, released in Davos, where the World Economic Forum (WEF) meeting is underway.

“The number of billionaires has surpassed 3,000 for the first time, and the level of billionaire wealth is now higher than any time in history. In October 2025, the world’s richest man, Elon Musk, became the first person to have wealth over half a trillion dollars. Meanwhile, one in four people face hunger,” said the report, questioning the choice before the world: “Oligarchy or Democracy”?

Citing studies, the Oxfam report noted the influence of billionaires in policy-making and “shaping the rules” the world over, and the simultaneous “erosion and rolling back of the civil and political rights of the many; the suppression of protests; and the silencing of dissent.”

Terming the past decade as a “Good Decade for Billionaires”, the report said billionaires are 4,000 times more likely to “hold political office than ordinary people”.

Pointing out that governments can choose to defend ordinary people rather than oligarchs, the Oxfam report said; “People themselves, when organized, can present a powerful counterweight to extreme wealth. Together we can demand a fairer, more equal world.”.

The report cautioned that increasingly economic inequality was leading to political inequality in the world, creating a fertile ground for rising authoritarianism, “including the undermining of check and balances such as the judiciary or legislature”.

Citing the election of Donal trump as US President in 2025, “backed and bankrolled by the world’s richest man, Elon Musk,” who became his right hand man, the report pointed out that the super-rich have built their political power in three ways – by buying politics, investing in legitimising elite power, and directly accessing institutions.

“Billionaires and super-rich increasingly dominate media and AI. Over half of the world’s largest media companies have billionaire owners and 9 of the top 10 social media companies in the world are run by just 6 billionaires. 8 of the top 10 AI companies – which overlap with media companies – are billionaire-run, with just 3 commanding nearly 90% of the generative AI chatbot market,” it said.

It also noted that with the support of Far Right political parties and media platforms, governments were systematically stigmatising and scapegoating minorities.

“In country after country, migrants are used as scapegoats for a host of social ills, including crime, shrinking welfare provisions and the rising cost of living,” it said, adding that while the majority see through these “lies” and many also fight back, the “sad truth is that these dirty tactics serve as a distraction from the real cause of hardship for the many – extreme levels of inequality.”

Asserting that “change is possible”, the report suggested that all countries need to prioritise removing inequalities by putting in place “realistic and time-bound National Inequality Reduction Plans.”

All countries must also back the recommendations of the Joseph Stigltiz Committee report submitted to the South African G20, calling for formation of an ‘International Panel on Inequality’, to provide timely and accurate information, causes and impact as well as solutions.

Calling for curbing the political clout of the super-rich, the Oxfam report suggested and effective tax on the super-rich, regulate lobbying and revolving doors, ban campaign financing by the rich, legislate to ensure media independence, regulate media companies to increase algorithmic transparency, protect freedom of speech while preventing harmful content, especially hat speeches targeting immigrants, women as well as gender-diverse, racial, ethnic and religious minorities.

The report said “change” was possible by building a worldwide people’s movement for a more equal world by bringing together civil society organisations, trade unions, marginalised and other groups and networks.