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Oxfam is deeply concerned by the outcomes of the G7 Summit in Kananaskis. At a time when urgent global crises demand bold and united action, the summit fell short of delivering the leadership the world needs. 

The Group of Seven (G7) countries are set to slash their aid spending by 28 percent for 2026 compared to 2024 levels.

Billionaire wealth has risen three times faster in 2024 than in 2023. At least five trillionaires are now expected within a decade. Meanwhile, the number of people living in poverty has barely changed since 1990. Inequality is out of control.

“Rich countries missed a chance to make a real difference in the fight against global poverty and inequality."

New Oxfam analysis ahead of the world’s largest development financing talks in a decade, in Seville, Spain.

Billionaire wealth has risen three times faster in 2024 than 2023. Five trillionaires are now expected within a decade.

The world’s richest 1% increased their wealth by more than $33.9 trillion in real terms since 2015, reveals new Oxfam analysis ahead of the world’s largest development financing talks in a decade, in Seville, Spain. This is more than enough to eliminate annual poverty 22 times over at the World Bank’s highest poverty line of $8.30 a day. But about 60% of low-income countries remain in or at risk of debt distress.

Income inequality is high or increasing in 60 percent (64 out of 106) of low- and middle-income countries receiving grants or loans from the International Monetary Fund (IMF) and World Bank, reveals new Oxfam analysis ahead of the 2024 Spring Meetings in Washington D.C. Countries with high levels of income inequality have Gini coefficients above 0.4, the warning level set by the United Nations.

Despite millions of people being pushed into hunger and poverty, 143 countries — including 94 developing nations — are implementing policy measures that undermine governments’ capacity to provide healthcare, education and social protection.   

With funds equivalent to just 2.9 percent ($35.7 billion) of their combined annual military spending, Group of Seven (G7) countries could help end world hunger and solve the debt crisis in the Global South, reveals new Oxfam analysis ahead of the G7 Summit in Borgo Egnazia, Italy.