The world’s richest 1% increased their wealth by more than $33.9 trillion in real terms since 2015, reveals new Oxfam analysis ahead of the world’s largest development financing talks in a decade, in Seville, Spain, Report informs.
This is more than enough to eliminate annual poverty 22 times over at the World Bank’s highest poverty line of $8.30 a day, according to Oxfam. The wealth of just 3,000 billionaires has surged $6.5 trillion in real terms since 2015, and now comprises the equivalent of 14.6% of global GDP.
New Oxfam analysis unveiled that between 1995 and 2023, global private wealth grew by $342 trillion – 8 times more than public wealth.
Oxfam analysis found that G7 countries alone, who account for around three-quarters of all official aid, are cutting aid by 28% for 2026 compared to 2024. Whilst critical aid is cut, the debt crisis is bankrupting governments – 60% of low-income countries are at the edge of a debt crisis – with the poorest countries paying out far more to repay their rich creditors than they are able to spend on classrooms or clinics. Only 16% of the targets for the Global Goals are on track for 2030.