Billionaires have more money and political power than ever, Oxfam says

"Charity says superrich 4,000 times more likely to hold political power than others, and own all social media companies, in report released to coincide with the opening of the WEF's annual meeting in Davos. International aid organisation Oxfam has released its annual report on rising inequality, expressing concern that billionaires are not only wealthier than ever but are also cementing their control over politics, media and social media. The report released on Sunday also underscored the widening chasm between the haves and have-nots in a world beset by conflicts and multiplying protests."

"According to Oxfam's analysis, the collective wealth of billionaires surged by $2.5 trillion in 2025, almost equivalent to the total wealth held by the bottom half of humanity, or 4.1 billion people. Last year was also the first time that there were more than 3,000 billionaires in the world, and the first time that the world's richest person, Elon Musk, had more than half a trillion dollars."

"However, Oxfam argued in its annual report that the superrich are increasingly controlling the means of communication, including both traditional and newer forms of media. It cited examples of Jeff Bezos, the billionaire owner of Amazon, buying The Washington Post, Musk acquiring Twitter/X, Patrick Soon-Shiong taking over the Los Angeles Times newspaper and far-right billionaire Vincent Bollore owning France's CNews."

Collective billionaire wealth rose by $2.5 trillion in 2025, nearly matching the total wealth held by the planet's bottom half (4.1 billion people). For the first time there were over 3,000 billionaires, and the richest individual surpassed $500 billion. The World Economic Forum annual meeting in Davos gathers close to 1,000 of the wealthiest people and political leaders under the theme "A Spirit of Dialogue." Superrich individuals increasingly own major media outlets and social platforms, including The Washington Post, Twitter/X, the Los Angeles Times and France's CNews. Concentrated wealth and media ownership amplify political influence and deepen global inequality, hindering poverty reduction.

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