The staggering wealth of billionaires has become increasingly brazen in its influence over politics. According to Oxfam's annual survey of global inequality, the number of billionaires surpassed 3,000 for the first time last year, with a collective wealth of $18.3 trillion. This represents an 81% growth since 2020 and could eradicate global poverty 26 times over.
However, despite these record-breaking levels of wealth, governments worldwide are failing to address poverty and hunger. Instead, they are often succumbing to the influence of the rich. The past year has seen youth-led uprisings against inequality in Africa, Asia, and Latin America, but protests have been routinely ignored and harshly suppressed by governments.
According to Max Lawson, co-author of the report, governments are making the wrong choice by prioritizing the interests of the wealthy over those of ordinary people. "Governments worldwide are making the wrong choice; choosing to defend wealth, not freedom," he said. "Choosing the rule of the rich. Choosing to repress their people's anger at how life is becoming unaffordable and unbearable, rather than redistributing wealth from the richest to the rest."
The economically wealthy are increasingly becoming politically powerful, with many billionaires using their wealth to shape and influence politics, societies, and economies. In Kenya, social activist Wanjira Wanjiru witnessed firsthand the effects of inequality in her community, where an adjacent golf club maintained pristine greens while nearby slum dwellers lacked access to basic necessities like clean water and sanitation.
Lawson and his co-author, Harry Bignell, note that the rich are becoming more open about using wealth for political influence. This is partly through control over the media, with over half of the world's media companies and nine of the top 10 social media platforms owned by billionaires. They also highlight the disproportionate representation of billionaires in politics, with many holding office while ordinary people struggle to make ends meet.
Their research shows that if billionaires support a policy, there is a 45% chance it will be adopted compared to an 18% chance if they oppose it. This stark reality underscores the need for governments to take action against the growing influence of wealth and power over politics.
However, despite these record-breaking levels of wealth, governments worldwide are failing to address poverty and hunger. Instead, they are often succumbing to the influence of the rich. The past year has seen youth-led uprisings against inequality in Africa, Asia, and Latin America, but protests have been routinely ignored and harshly suppressed by governments.
According to Max Lawson, co-author of the report, governments are making the wrong choice by prioritizing the interests of the wealthy over those of ordinary people. "Governments worldwide are making the wrong choice; choosing to defend wealth, not freedom," he said. "Choosing the rule of the rich. Choosing to repress their people's anger at how life is becoming unaffordable and unbearable, rather than redistributing wealth from the richest to the rest."
The economically wealthy are increasingly becoming politically powerful, with many billionaires using their wealth to shape and influence politics, societies, and economies. In Kenya, social activist Wanjira Wanjiru witnessed firsthand the effects of inequality in her community, where an adjacent golf club maintained pristine greens while nearby slum dwellers lacked access to basic necessities like clean water and sanitation.
Lawson and his co-author, Harry Bignell, note that the rich are becoming more open about using wealth for political influence. This is partly through control over the media, with over half of the world's media companies and nine of the top 10 social media platforms owned by billionaires. They also highlight the disproportionate representation of billionaires in politics, with many holding office while ordinary people struggle to make ends meet.
Their research shows that if billionaires support a policy, there is a 45% chance it will be adopted compared to an 18% chance if they oppose it. This stark reality underscores the need for governments to take action against the growing influence of wealth and power over politics.
... we're literally living in a world where billionaires are basically buying their own politicians 
... like, who needs democracy when you've got a fat bank account, right? 
it's insane that governments are more concerned with making friends with the rich than actually helping the poor. I mean, 81% growth in billionaire wealth since 2020 is just ridiculous 
and now we're seeing protests everywhere 
but nobody's listening 
... it's like they think poverty and hunger are just minor annoyances compared to the threat of losing their golf course privileges 
think we gotta make some big changes, ya know? I mean 3k billionaires with $18 trillion is just crazy talk! 
and then there's all these young folks around the world rising up against inequality, but nobody's listening... 
I mean, it's not like the rich are being forced to do anything... they just keep on accumulating wealth and using it to shape policy 
We need some serious change in this country ASAP 
3,000+ billionaires with $18.3 trillion combined wealth...it's just crazy 
idk if i have the answers but something needs to change ASAP.
. It's like they're playing a game of Monopoly, where the poor are just pawns 
. We need to shake things up and make some real changes! 
what's the point of having all that dough if it ain't helping the masses? 
gotta break free from that cycle and get our priorities straight 
the fact that governments are more likely to adopt policies that billionaires support over ones they oppose is just plain messed up we need some real change here 
. And they're not even hiding it anymore - I mean, come on, billionaires are basically running the show! 
. We need change ASAP! 
. We need to hold our leaders accountable for making policies that benefit everyone, not just the super rich. I mean, what's the point of having a government if they're just gonna be puppets for the billionaires? 
I'm literally speechless after reading this... 3k billionaires with $18.3 trillion in collective wealth? That's insane! 
It's disgusting.
but seriously its hard not to wonder how they got so much power and influence over governments and economies...its like they're buying their way into decision making and thats just plain wrong 
gotta keep fighting for change, you know?