World's 12 richest people have more wealth than poorest half
What's the story
The world's billionaires saw their collective wealth hit a record high of $18.3 trillion in 2025, according to charity organization Oxfam. The report says the world now has over 3,000 billionaires for the first time. The top 12 billionaires, led by Tesla and SpaceX chief Elon Musk, now have more wealth than the poorest half of humanity combined. The report highlights the growing wealth gap and the political power it is buying for the ultra-rich.
Wealth increase
Billionaires' wealth surges under Trump's policies
Oxfam's report notes that the fortunes of the ultra-rich have surged under US President Donald Trump's policies. In his second term's first year, their wealth jumped 16.2% to $18.3 trillion. The charity attributes this rise to Trump's deregulation and tax-cutting measures which have disproportionately benefited billionaires worldwide.
Political influence
Oxfam warns of political power bought by wealth
Oxfam's report also highlights how the growing wealth gap is translating into political power for billionaires. The charity points to instances of tycoons buying media outlets, such as Musk's acquisition of X and Amazon founder Jeff Bezos's purchase of The Washington Post. "The widening gap between the rich and the rest is at the same time creating a political deficit that is highly dangerous and unsustainable," said Amitabh Behar, Oxfam's executive director.
Public dissent
Protests erupt against Davos conference
Trump's participation in the Davos conference has sparked protests, with around 300 demonstrators donning masks of Musk or US Vice President JD Vance and holding fistfuls of euros. Nathalie Ruoss from Swiss Young Socialists criticized the lack of democratic legitimacy in decisions made at Davos that affect everyone. She called it "unacceptable" for the WEF to welcome leaders like Trump who are accused of fostering inequality.
Tax exemption
Oxfam criticizes US exemption from global minimum tax
Oxfam has also criticized the US for exempting its multinationals from a globally agreed minimum tax rate of 15%. The charity says this is a glaring example of ignoring the growing inequality. "In country after country, the super-rich have not only accumulated more wealth than could ever be spent, but have also used this wealth to secure the political power to shape the rules that define our economies and govern nations," Oxfam said.