Billionaires have added $6.5T to their wealth since 2015

The world’s 3,000 billionaires gained $6.5 trillion in wealth over the past decade—equal to nearly 15% of global output, says an Oxfam report titled “From Private Profit to Public Power.”

The wealthiest 1% have added $33.9 trillion since 2015, enough to end global poverty 22 times over. Oxfam and several charities urge governments to introduce a wealth tax. 

In the UK, the number of billionaires rose from 15 in 1990 to 165 in 2024, with their average wealth increasing by over 1,000%, according to the Equality Trust.

Billionaires pay just 0.3% effective tax on wealth—far less than nurses or teachers.

Spain, Brazil, Germany, and South Africa now support a minimum 2% tax on billionaires earning between $200 billion and $250 billion annually. The levies could raise $250 billion and curb tax evasion through havens like Monaco.

The move aims to reduce inequality, fund climate goals, and close tax haven loopholes.