World’s richest 1% could end poverty 22 times – Oxfam

The world’s wealthiest have seen their fortunes increase by $33.9 trillion over the past decade, according to the anti-poverty charity

The richest 1% of the people on Earth have gained over $33.9 trillion in real terms since 2015, according to a new report by UK-based anti-poverty group Oxfam.

The amount is enough to end extreme poverty 22 times over, based on the World Bank's highest income threshold of $8.30 per person per day.

Approximately 3,000 billionaires worldwide have collectively increased their wealth by $6.5 trillion over the past decade, bringing their total net worth to 14.6% of global GDP, the report claims.

Oxfam argues that while personal wealth has skyrocketed, efforts to reduce poverty have significantly stalled.

According to the report, wealthy nations are making the steepest cuts to life-saving development assistance since 1960.

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Oxfam projects that G7 countries, responsible for approximately 75% of all official aid, will reduce their contributions by 28% in 2026 compared to 2024. The UK alone is expected to decrease its spending on aid by 40% by 2027

The report also highlights the growing gap between private and public wealth. From 1995 to 2023, global private wealth soared by $342 trillion, while public wealth in the same period rose by only $44 trillion.

Over half of the world’s poorest countries are now on the brink of a debt crisis, the report warns. Many are being forced to spend more on servicing debt than on healthcare or education.

The report singles out private creditors, who hold over half of the external debt of low-income countries, for refusing to restructure loans and imposing punitive repayment terms.

According to a global public opinion survey cited by Oxfam, 90% of respondents support taxing the super-rich to fund public services and climate action.