DIGIVESTASI - Oxfam Report: Global Wealth Gap Widening Due to Rising ‘Aristocratic Oligarchs’ Amassing Riches, A report published by Oxfam on Monday (January 20) warns that the global wealth gap is widening, with "aristocratic oligarchs" quickly amassing wealth. Ahead of the World Economic Forum (WEF) in Davos, the report titled "Takers Not Makers" reveals that the wealth of billionaires increased by $2 trillion (about IDR 32,720 trillion) in 2024, growing three times faster compared to the previous year.

The report also highlights that the wealthiest 1% of the world now controls 45% of the total global wealth, while 44% of the world’s population lives on less than $6.85 (IDR 112,031) per day, and global poverty levels have barely changed since 1990.

Oxfam Executive Director, Amitabh Behar, stated that this report serves as a stark warning about the consequences of rapid wealth accumulation by a small group of people, which negatively impacts the lives of ordinary people worldwide.

Billionaires’ Wealth Continues to Rise

The report also mentions that trillionaires are expected to emerge in the coming decades, with the wealth of the 10 richest people in the world growing by an average of $100 million (around IDR 1.6 trillion) per day over the last decade.

Behar emphasized that the economic system is structured in such a way that billionaires increasingly influence economic and social policy, which in turn benefits them even further.

The report also shows that one in ten women around the world lives in extreme poverty, earning less than $2.15 (IDR 35,174) per day. Furthermore, women work 12.5 billion hours each day without pay, contributing about $10.8 trillion to the global economy, three times the value of the global tech industry.

Trump’s Policies Could Worsen Inequality

Oxfam’s report also mentions US President Donald Trump, criticizing his policies that are seen to exacerbate inequality, including tax cuts and deregulation. Trump is also criticized for how these policies have further enriched billionaires, including Elon Musk, who supports Trump’s re-election campaign.

“These oligarch leaders are a billionaire president backed by, and influenced by, the world’s richest man, Elon Musk, who leads the world’s largest economy,” said Behar.

Protests at Davos

During the WEF event in Davos, a number of protesters gathered with banners reading "Tax the Rich" and "Burn the System." The meeting is expected to focus on issues related to the global economy, artificial intelligence, and international conflicts.

Approximately 3,000 participants are expected to attend the event, including world leaders and business executives.

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