As global elites convened for the World Economic Forum in Davos, Oxfam issued a stark warning about the unprecedented concentration of wealth among billionaires, describing it as a grave political danger. The charity’s annual report revealed that billionaire fortunes surged to a record $18.3 trillion in 2025, marking a 16.2% increase during the first year of Donald Trump’s second presidential term.
The analysis specifically highlighted Trump’s policy initiatives—including deregulation efforts and undermining international corporate tax agreements—as significant drivers of this wealth accumulation among the ultra-wealthy. For the first time in history, the world now counts more than 3,000 billionaires, with the top 12 individuals, led by Tesla’s Elon Musk, possessing more collective wealth than the poorest four billion people globally.
Oxfam emphasized that this economic disparity is increasingly translating into political influence, citing billionaires’ acquisitions of major media outlets such as Musk’s takeover of X (formerly Twitter) and Jeff Bezos’ purchase of The Washington Post. Amitabh Behar, Oxfam’s executive director, characterized the situation as ‘highly dangerous and unsustainable,’ noting that the wealth gap is creating a parallel ‘political deficit’ that undermines democratic processes.
The report specifically criticized Washington’s decision to exempt U.S. multinationals from the internationally agreed minimum tax rate of 15%, calling it a clear example of how economic inequality is being institutionalized. ‘The super-rich have not only accumulated more wealth than could ever be spent,’ Oxfam stated, ‘but have also used this wealth to secure the political power to shape the rules that define our economies and govern nations.’
Trump’s participation at Davos drew approximately 300 protesters to the Swiss resort town on Sunday, many wearing masks of Musk and Vice President JD Vance while holding symbolic fistfuls of euros. Nathalie Ruoss of the Swiss Young Socialists told AFP that the World Economic Forum lacks democratic legitimacy, particularly criticizing its inclusion of figures like Trump whom she described as ‘fascists.’
The gathering occurs amid heightened tensions regarding the political influence of extreme wealth, with Oxfam concluding that billionaire power ‘undermines political freedom and erodes the rights of the many’ while giving the ultra-wealthy disproportionate control over global futures.