The concentration of both wealth and power in the hands of a small group of billionaires is not only obscene, but also dangerous, according to a Jan. 19 report by Oxfam, “Resisting the Rule of the Rich: Protecting Freedom from Billionaire Power.” Since U.S. President Donald Trump’s return to power, billionaires have succeeded in tripling the speed of their wealth accumulation compared to the previous five years. This rate of growth was highest in the U.S., but billionaires around the world have also seen double-digit increases. Since 2020 the wealth of billionaires has grown by 81%. There are now over 3,000 billionaires in the world with a combined wealth of $18.3 trillion. Meanwhile, one in four people in the world is food insecure.
The report warns that this concentration of wealth is being used to shape and influence politics, societies and economies. Billionaires are not merely buying yachts and private jets, but also political movements, social media platforms, newspapers, and more than a few politicians. There may have always been this connection between money and power, but it has never been this brazen. While the ultra-rich gain more power and influence, the report states, “All over the world we are seeing an erosion and rolling back of the civil and political rights of the many; the suppression of protests; and the silencing of dissent.” Max Lawson, co-author of the report wrote: “Governments worldwide are making the wrong choice; choosing to defend wealth, not freedom. Choosing the rule of the rich. Choosing to repress their people’s anger at how life is becoming unaffordable and unbearable.”
