Oxfam Report: Billionaires Far More Likely To Hold Political Office
The world’s wealthiest individuals are significantly more likely to occupy positions of political power than the average citizen, according to a new report by global advocacy group Oxfam.
In its latest annual inequality study released on Sunday, Oxfam revealed that 74 of the world’s 2,027 billionaires held executive or legislative government roles in 2023. That translates to a 3.6 per cent likelihood of a billionaire holding public office. By comparison, the average person globally has just a 0.0009 per cent chance of serving in government.
Rebecca Riddell, Oxfam America’s senior policy lead for economic justice, said the findings highlight the growing link between wealth and political influence.
“This report clearly shows how political and economic inequality are deeply connected,” Riddell said. “When billionaires are 4,000 times more likely to hold office than ordinary people, it shows just how concentrated power has become.”
The report, compiled using data from Forbes and other sources, was released ahead of the World Economic Forum in Davos, Switzerland, an annual gathering of global leaders and wealthy elites. It also coincides with the first anniversary of US President Donald Trump’s return to office.
Oxfam noted that Trump has assembled what it describes as the richest cabinet in modern American history, with several billionaires and multimillionaires leading federal agencies. The administration, alongside a Republican-controlled Congress, passed major tax cuts favouring the wealthy last year, along with deep reductions to social welfare programmes. Efforts are also underway to roll back labour protections and weaken corporate regulations.
“A government led by billionaires has pursued policies that benefit the ultra-rich and pushed inequality to dangerous levels,” Riddell said.
The report further stressed that the influence of the super-rich is not limited to the United States. It pointed to close relationships between top business magnates and political leaders in countries such as Argentina and Nigeria, where favourable tax policies have reportedly been granted to wealthy allies.
Billionaire Wealth Surges
Oxfam also disclosed that 2025 was an exceptionally profitable year for billionaires worldwide. Their combined wealth grew three times faster than the five-year average, reaching a record $18.3 trillion.
The world’s richest individuals added $2.5 trillion to their fortunes — nearly equivalent to the total wealth of the poorest 4.1 billion people combined. According to Riddell, two-thirds of that increase could fund a year of global poverty eradication.
In the United States alone, billionaires control nearly $8 trillion in wealth, with the country home to 932 billionaires – more than any other nation.
Oxfam also suggested the world could soon witness its first trillionaire. If tech entrepreneur Elon Musk maintains his current financial trajectory, his net worth could surpass $1 trillion before the next Davos meeting.
Meanwhile, global poverty reduction has stalled, with levels remaining similar to those recorded in 2019. Oxfam estimates that nearly 3.8 billion people – almost half the world’s population – lived in poverty in 2022.
Call For Reforms
To address the growing divide, Oxfam is urging governments to strengthen workers’ rights, increase wages, regulate monopolies and expand public services. The organisation also advocates for higher taxes on the super-rich, campaign finance reforms and stronger democratic participation.
“Reducing inequality and limiting the influence of the ultra-wealthy are essential for protecting democracy and empowering everyday people,” Riddell said.
