World's richest 1% gains $33 trillion since 2015 while inequality widens

The richest 1% of people on Earth have accumulated trillions of dollars in new wealth over the past decade, even as governments slash life-saving aid at levels not seen since the founding of the G7 in 1975, according to a report released Thursday by Oxfam International.

The report underscores a stark reality: the amount of wealth concentrated among the global elite could wipe out annual poverty more than 22 times over. Yet instead of directing resources toward basic needs and survival, governments are prioritizing private gain, reinforcing poverty and inequality both within nations and across borders. Since 2015, the top 1% alone have added over $33.9 trillion to their fortunes. From 1995 to 2023, global private wealth ballooned by $342 trillion—outpacing the growth of public wealth by a factor of eight.

Billionaires, in particular, saw their collective net worth grow by $6.5 trillion in just the past ten years. And now, while extreme wealth continues to surge, G7 countries—including the U.S., U.K., Germany, France, Japan, Canada, and Italy—are preparing to cut global aid by 28% by 2026 compared to 2024 levels. These nations are responsible for three-quarters of all official development assistance.

The consequences could be devastating: Oxfam estimates that cuts of this scale could result in 2.9 million additional deaths from HIV/AIDS alone by 2030. Meanwhile, a global survey commissioned by Oxfam and Greenpeace earlier this year found that nine in ten people support funding public services and climate initiatives through taxation on the ultra-wealthy.