The wealthiest 1% of the global population now possess an astonishing 43% of the world’s total assets, with their wealth growing by almost $34 trillion over the past ten years, according to a new analysis by Oxfam International. This sharp rise in private wealth stands in stark contrast to the alarming decline in public wealth and development aid, which the report argues is fueling global poverty and inequality.
Oxfam released its report titled “From Private Profit to Public Power: Financing Development, Not Oligarchy” ahead of the International Conference on Financing for Development scheduled for June 30. The conference, hosted by Spain and attended by representatives from more than 190 countries, will focus on strategies to address the growing inequality in wealth distribution.
The Oxfam analysis draws attention to a troubling global trend: while private wealth continues to surge, public wealth has been consistently shrinking. The implications for the world’s poorest are severe, especially for the 3.7 billion people currently living in poverty.
The report underscores the extent to which inequality has derailed global development. Since 2015, the world’s wealthiest individuals have increased their fortunes by $33.9 trillion. Oxfam states that the combined wealth of just 3,000 billionaires now represents 14.6% of the global GDP. At the same time, the richest 1% hold nearly half—specifically, 43%—of the world’s total assets.
Oxfam’s findings indicate a stark disparity in the growth of private and public wealth. From 1995 to 2023, private wealth surged by $342 trillion, a figure that is eight times higher than the $44 trillion growth in public wealth during the same period. This widening gap is not just a statistic; it highlights a structural problem where public wealth, as a share of total global wealth, has actually declined over the years.
Further complicating the issue is the role of wealthy nations, which Oxfam criticizes for retreating from their responsibilities. The organization notes that affluent countries have slashed critical development aid more drastically in the past decade than at any time since 1960. The G7 nations—comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—are particularly culpable, as they collectively provide three-quarters of all international aid. Yet these same countries are planning to reduce their aid contributions by 28% in 2026 compared to levels in 2024.
As rich countries pull back on aid, poorer nations are plunging deeper into debt. Oxfam reports that 60% of low-income countries are now spending more on debt repayments than they are on essential public services like healthcare, education, and infrastructure. This dynamic leaves them even less equipped to tackle poverty, inequality, and economic instability.
Meanwhile, the world’s wealthiest individuals continue to consolidate their fortunes. According to Forbes, nine of the ten richest people on Earth are Americans. The list includes Elon Musk, Larry Ellison, Mark Zuckerberg, Jeff Bezos, Warren Buffett, Larry Page, Steve Ballmer, Sergey Brin, and Jensen Huang. The only non-American in the top ten is Bernard Arnault and his family from France.
The current state of global inequality threatens the very goals that world leaders committed to a decade ago. In 2015, countries around the globe endorsed the Addis Ababa Action Agenda—a comprehensive framework for financing sustainable development goals (SDGs). However, Oxfam warns that these goals are failing. Only 16% of the agreed-upon targets are on track to be achieved by the 2030 deadline.
Oxfam International’s Executive Director, Amitabh Behar, criticized the dominance of private wealth in shaping global development, pointing out that the interests of a few are being prioritized over the needs of the majority. “There is glaring evidence that global development is desperately failing because – as the last decade shows – the interests of a very wealthy few are put over those of everyone else,” Behar said.
Behar added that rich countries are favoring corporate and financial elites over public welfare systems. “Rich countries have put Wall Street in the driver’s seat of global development. It’s a global private finance takeover which has overrun the evidence-backed ways to tackle poverty through public investments and fair taxation. It is no wonder governments are abysmally off track, be it on fostering decent jobs, gender equality, or ending hunger. This wealth concentration is choking efforts to end poverty”, he said.
The consequences of this inequality are not abstract. They affect real lives. More than 3.7 billion people worldwide live in poverty, and over 700 million are experiencing hunger. These numbers are likely to worsen with ongoing cuts in aid and development support. According to the Oxfam report, reductions in international aid could result in 2.9 million more deaths by 2030 due to causes related to HIV/AIDS alone.
The report appeals to citizens and policymakers alike to take action. It urges governments to support transformative policies that confront extreme inequality head-on and reshape the way development is financed. Behar emphasized the importance of taxing the ultra-wealthy and redirecting resources toward public services. “Trillions of dollars exist to meet the global goals, but they’re locked away in private accounts of the ultra-wealthy. It’s time we rejected the Wall Street consensus and instead put the public in the driving seat. Governments should heed widespread demands to tax the rich – and match it with a vision to build public goods from healthcare to energy. It’s a hopeful sign that some governments are banding together to fight inequality – more should follow their lead,” Behar added.
The Oxfam report concludes with a powerful message: solving global poverty is not a question of whether the world has enough resources. Rather, it’s a matter of political will and economic priorities. The wealth required to address global inequality and achieve the 2030 sustainable development goals already exists—it is simply not being shared.
By presenting these findings ahead of the International Conference on Financing for Development, Oxfam hopes to influence global leaders to move away from profit-driven models and invest in policies that serve the public good. If current trends continue, the organization warns, the gap between the richest and the rest of humanity will only widen, making it increasingly difficult to achieve a just and equitable world.
