THE combined wealth of the world’s billionaires reached a historic high in 2025, soaring to US$18.3 trillion (RM74.22 trillion) in the first year of U.S. President Donald Trump’s second term, charity Oxfam reported on Monday.
The organisation cautioned that such unprecedented concentration of wealth carries “highly dangerous” political implications, particularly as the global elite gather for the World Economic Forum in Davos.
Oxfam attributed much of the surge to Trump’s policies, noting that deregulation and moves to weaken agreements on corporate taxation disproportionately benefited the ultra-rich.
“Actions of the Trump presidency including the championing of deregulation and undermining agreements to increase corporate taxation have benefited the richest around the world,” AFP cited the report stating.
The world now boasts more than 3,000 billionaires for the first time, with the 12 wealthiest, led by Tesla and SpaceX chief Elon Musk, collectively holding more wealth than the poorest half of humanity — over four billion people.
Oxfam highlighted how billionaires are increasingly converting wealth into political influence. Examples include Musk’s acquisition of X and Jeff Bezos’s ownership of The Washington Post.
“The widening gap between the rich and the rest is at the same time creating a political deficit that is highly dangerous and unsustainable,” said Oxfam’s executive director Amitabh Behar.
Trump is expected to attend Davos with one of the largest U.S. delegations in recent years, where he is likely to dominate discussions officially framed under the theme “A Spirit of Dialogue.”
Meanwhile, his presence has drawn protesters, with around 300 demonstrators arriving in Davos on Sunday, many wearing masks of Musk or U.S. Vice President JD Vance while holding fistfuls of euros.
Nathalie Ruoss of the Swiss Young Socialists criticised the Forum, telling AFP: “The most powerful people in the world make decisions at Davos that impact everyone. And they do it with no democratic legitimacy. It is unacceptable that the WEF welcomes fascists like Donald Trump.”
Oxfam singled out Washington’s decision to exempt U.S. multinationals from an internationally agreed minimum tax rate of 15 per cent as a stark example of policies exacerbating inequality.
“In country after country, the super-rich have not only accumulated more wealth than could ever be spent, but have also used this wealth to secure the political power to shape the rules that define our economies and govern nations,” the charity said.
“Such power gives billionaires a grasp over all our futures, undermining political freedom and eroding the rights of the many.” - January 19, 2026
