In a report released to coincide with the start of the WEF’s annual meeting in Davos, the charity said the superrich would hold 4,000 times more political power than others and own all the social media companies.
International aid organization Oxfam has released its annual report on rising inequality, raising concerns that billionaires are not only wealthier than ever, but are also increasing their control over politics, the media and social media.
The report, released on Sunday, highlighted the widening gap between the haves and have-nots in a world beset by conflict and growing protests.
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According to Oxfam’s analysis, the collective wealth of billionaires is set to increase by $2.5 trillion in 2025, roughly equivalent to the total wealth held by the bottom half of humanity, or 4.1 billion people.
Last year also marked the first time the world had more than 3,000 billionaires, and the world’s richest person for the first time. Elon MuskIt was more than half a trillion dollars.
The charity’s annual report on rising inequality was released at the opening World Economic Forum Annual Meeting In Davos, Switzerland, a meeting of about 1,000 of the world’s richest people is held each year, along with political leaders along with a handful of invited activists.
The theme of this year’s conference is A Spirit of Dialogue. However, Oxfam argues in its annual report that the super-rich are increasingly controlling the media, including both traditional and new forms of media.
Examples include Amazon’s billionaire owner Jeff Bezos buying the Washington Post, Musk’s takeover of Twitter/X, Patrick Soon-Shiong’s takeover of the Los Angeles Times newspaper, and far-right billionaire Vincent Bollore, who owns France’s CNews.
“The influence of the super-rich over our politicians, economies and media has exacerbated inequality and taken us too far to tackle poverty,” said the Oxfam International executive director. Amitabh Behar.
“Governments must listen to people’s needs on things like quality healthcare, action on climate change and tax fairness,” Behar added.
Oxfam also estimates that billionaires are 4,000 times more likely to hold political office than ordinary citizens, and cites a Global Values Survey of 66 countries, which found that nearly half of those surveyed say the wealthy buy elections in their country.
“The widening gap between the rich and the rest is simultaneously creating a political deficit that is both dangerous and unsustainable,” Behar said.
‘Life is getting affordable and unbearable’
Oxfam also noted that there were 142 significant anti-government protests in 68 countries last year, which it said authorities often met with violence.
“Governments are making the wrong choices to divert wealth to elites and protect wealth, and suppress people’s rights and anger at how their lives are becoming unaffordable and unbearable,” Behar said.
According to the WEF, participants at this year’s Davos meeting include “nearly 850 of the world’s top CEOs and presidents,” along with political leaders including United States President Donald Trump, Canadian Prime Minister Mark Carney and Chinese Vice Premier He Lifeng.
In addition to its political support, Oxfam is an aid organization that provides humanitarian assistance to countries around the world.
Group frequently Alarm sounded About forced starvation in Gaza under Israel’s genocidal war and was one of 37 international aid groups Banned from Palestinian enclaves Israel at the end of last year.