World’s wealthiest 1 percent able to end poverty 22 times
(MENAFN) The world’s wealthiest 1% have accumulated more than $33.9 trillion in real terms since 2015—an amount that could eliminate extreme poverty 22 times over, according to a new report by UK-based anti-poverty organization Oxfam.
The figure is based on the World Bank’s definition of extreme poverty as living on less than $8.30 a day. Oxfam’s findings reveal that around 3,000 billionaires have collectively added $6.5 trillion to their fortunes over the past decade, raising their combined wealth to nearly 15% of the world’s GDP.
While the rich have seen their fortunes soar, Oxfam argues that progress in reducing poverty has stagnated. The report criticizes wealthy countries for slashing development aid at a time when it's most needed. It projects that G7 nations—responsible for about 75% of all official aid—will cut their assistance by 28% in 2026 compared to 2024. The UK, in particular, is expected to reduce its aid budget by 40% by 2027.
The report also emphasizes a widening divide between private and public wealth. Since 1995, private wealth has surged by $342 trillion globally, while public wealth has grown by only $44 trillion.
Oxfam warns that over half of the poorest countries are teetering on the edge of a debt crisis, spending more on loan repayments than on essential services like healthcare and education. Private lenders, who hold the majority of the external debt in low-income nations, have been blamed for refusing to ease terms or restructure debts.
A global opinion poll cited in the report shows overwhelming public support—around 90%—for higher taxes on the ultra-wealthy to fund public services and climate initiatives.
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