Over $18 trillion in self-interest: World's billionaires set new records, inequality rapidly worsens

On January 19th, the latest report released by the international charity organization Oxfam once again highlights the severity of global wealth inequality. The report reveals that the self-interest of the ultra-wealthy is leading to the concentration of power and accelerating inequality on a worldwide scale. According to Oxfam’s analysis, the total assets of the world’s billionaires have surpassed a record high of $18.3 trillion, indicating that wealth concentration has reached a historic level.

Concentration of Power Driven by the Self-Interest of the Ultra-Wealthy

What Oxfam’s report emphasizes is not just the increase in wealth, but the exercise of power enabled by that wealth. The report states that the number of billionaires last year exceeded 3,000, with total assets experiencing a rapid 16% increase year-over-year. Even more shocking is the fact that, in just six years since 2020, billionaire assets have expanded by 81%.

The ultra-wealthy are leveraging this enormous financial power to pursue their own interests by expanding their control over politics and media. Prominent entrepreneurs like Mr. Musk and Mr. Bezos are using their wealth to amplify their political influence and strengthen their dominance over society. This concentration of power functions as a mechanism that excludes the voices of ordinary citizens from decision-making processes and promotes policy formation favorable to the ultra-wealthy.

Historic Wealth Expansion and Stagnation in Poverty Reduction

The contradiction pointed out by Oxfam is severe. Over the past decade, often called the golden age for the wealthy, the global ultra-wealthy have continued to grow richer. Meanwhile, poverty reduction on a global scale has significantly slowed, with poverty levels remaining roughly at 2019 levels.

In other words, the benefits of global economic growth are being monopolized by a very small number of ultra-wealthy individuals. This asymmetric wealth distribution structure has led to a shrinking middle class and stagnating poverty levels, further deepening economic disparities.

Widening Inequality Through Political and Media Domination

Oxfam’s Executive Director, , issues a clear warning: “The excessive influence of the ultra-wealthy on politicians, the economy, and the media is exacerbating inequality and diverting us from the right path to solving poverty.” This is not merely an issue of economic inequality but also a threat to the very democratic process.

The exercise of power based on self-interest by the ultra-wealthy distorts political decision-making, influences media reporting, and steers public policy in ways that favor their own interests. As a result, universal goals such as poverty alleviation and social justice are marginalized, and the concentration of wealth and power continues to intensify.

This Oxfam report suggests that economic inequality is not just a matter of income disparity but signifies a fundamental transformation of social structures through political power and media control. As long as the current dominance of the ultra-wealthy driven by self-interest persists, improving global inequality will remain a challenging goal.