Top 1% Increased Wealth by Over $33 Trillion Since 2015, Could Eliminate Global Poverty 22 Times Over
A new report released Thursday by Oxfam International reveals that the world’s top 1% accumulated over $33.9 trillion in new wealth since 2015, while governments prepare for the largest cuts to global aid since the formation of the G7 in 1975. The report highlights a widening gap between public and private wealth, with private wealth increasing by $342 trillion from 1995 to 2023, growing at eight times the rate of public wealth. Key Statistics: • $33.9 trillion: New wealth accumulated by the top 1% globally since 2015 • $342 trillion: Total global private wealth growth from 1995–2023 • $6.5 trillion: Increase in billionaire wealth over the last decade • 28%: Projected cut in global aid by G7 countries by 2026 compared to 2024 • 2.9 million: Estimated additional deaths from HIV/AIDS by 2030 due to aid cuts G7 Aid Cuts: The G7 countries — the United States, United Kingdom, Canada, France, Germany, Italy, and Japan — account for approximately 75% of all official development assistance. According to the report, these nations are reducing aid spending by 28% between 2024 and 2026, which Oxfam warns will result in millions of preventable deaths and critical gaps in health, education, and humanitarian services. Debt and Public Services: Oxfam notes that private creditors are granting less debt relief to low-income countries, worsening debt crises and restricting access to essential services. The report also states that private interests are undermining public priorities, further entrenching inequality. Public Sentiment: A 2025 survey conducted by Greenpeace and Oxfam found that 90% of global respondents support implementing taxes on the super-rich to fund climate action and public services. However, Oxfam reports that such proposals have gained little political momentum. Oxfam’s findings are based on an analysis of global financial data from 1995 to 2023, as well as recent international aid and taxation trends.
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