The greed of billionaires deepens inequality along with $18 trillion in assets

Wealthy individuals around the world are exponentially increasing their assets in the pursuit of self-interest. A recent report by the international charity organization Oxfam clearly demonstrates the severity of this phenomenon. It warns that the concentration of wealth among billionaires is affecting not only the economy but also political and social structures.

Global Wealth Concentration Reaches Record Highs

According to the Oxfam report, the total assets of billionaires worldwide have reached $18.3 trillion. This is the highest figure ever recorded in human history. The number of billionaires has surpassed 3,000 in just one month, and their assets have increased by 16% compared to last year.

Even more astonishing is the fact that billionaire wealth has surged by 81% since 2020. Oxfam describes the past decade as a “golden age for the wealthy,” highlighting the seriousness of wealth concentration. Meanwhile, the global rate of poverty reduction has significantly slowed, remaining roughly at 2019 levels. This means that while the rich grow richer, the poor are standing still.

The Vicious Cycle of Power Concentration and Growing Inequality Driven by Self-Interest

The increase in wealth does not simply end with individual asset growth. According to Oxfam’s analysis, ultra-wealthy individuals continue to attempt to seize political power and control the media to realize their self-interest. This expansion of power acts as a mechanism that deepens inequality.

Ultra-wealthy figures like Musk and Bezos use their enormous wealth to influence politics and control the press. Through these processes, the interests of the wealthy come to dominate national policies and public opinion. As a result, solving poverty and achieving social justice are pushed to the back burner.

The Crisis of Democracy Caused by the Self-Interest of the Ultra-Wealthy

Winnie Byanyima, Executive Director of Oxfam, stated in a press release, “The excessive influence of the ultra-wealthy on politicians, the economy, and the media deepens inequality and takes us away from the right path to eradicate poverty.”

This statement reveals a crisis not only in economic statistics but also in the very fabric of democracy. The concentration of wealth leads to the concentration of power, with a small number of ultra-wealthy individuals directly influencing policy decisions aimed at pursuing their self-interest. This means that a non-elected minority controls the lives of the majority of citizens.

The global issue of wealth inequality is no longer just an economic indicator. It is a fundamental question concerning democracy and the future of humanity.