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An explosion in extreme wealth and income is exacerbating inequality and hindering the world’s ability to tackle poverty, Oxfam warned today in a briefing published ahead of the World Economic Forum in Davos next week.

Today, Oxfam publishes “Takers Not Makers” as business elites gather in the Swiss resort town of Davos and, billionaire Donald Trump backed by the world’s richest man, Elon Musk, is inaugurated as President of the United States. The report shows that globally, billionaire wealth grew by $2 trillion in 2024 alone, at a rate three times faster than the previous year.

“We’re very pleased to see the World Bank focus its flagship report on inequality and underscore the threat that inequality poses to fighting poverty," said the head of Oxfam International’s Washington office, Nadia Daar. 

The G20 should take urgent action to protect poor countries from economic crisis that is forcing 100 people-a-minute into poverty, Oxfam said today. Developing countries across the globe are struggling to respond to the global recession.

"The needs of the poorest were an afterthought. Despite the anger of many on the streets at the growing divide between the rich and poor, the G20 could only muster a tepid set of policies to tackle poverty and inequality," said Steve Price-Thomas, Oxfam’s director of advocacy and campaigns.

West Africa is losing millions of dollars that could be spent tackling poverty and inequality because governments are bending the rules to favour the rich and powerful, said Oxfam today in the wake of #WestAfricaLeaks.#WestAfricaLeaks shows an elaborate collusion between some of the region’s most powerful politicians and business leaders. From Senegal and Nigeria to Mali and Ghana, high ranking public officials and businesses are using shell…

Responding to President of the European Commission, Jean Claude Juncker’s State of the Union address, Oxfam said there is no way to end irregular migration if there are no legal and safe channels, and tax dodging must become a thing of the past.

Oxfam spokesperson Luc Lamprière said: Financial transaction tax:

Fair tax regimes are vital to finance well-functioning states and to enable governments to uphold citizens’ rights to basic services, such as healthcare and education.

“The G20 reiterated previous commitments to reduce inequality, boost the participation of women in work and phase out inefficient fossil fuel subsidies. The G20 said they would draw up a proper response to the refugee and migrant challenge next year, which is too late. The world needs urgent action now, not more words.”