Muhammad Hammad

The number of billionaires has surpassed 3,000, with Elon Musk becoming the first person to hold over half a trillion dollars in wealth. However, this extreme wealth concentration is happening amidst widespread hunger, with one in four people globally facing food insecurity.

The issue isn’t just the lavish spending of billionaires, but how they use their wealth to influence politics, governments, and media, undermining democracy and fairness. As US Supreme Court Justice Louis Brandeis said, ‘We must make our choice. Either we can have extreme wealth in the hands of the few, or we can have democracy. We cannot have both’. This report is about that choice.

1. The Great Inequality Divides and the Rule of the Rich

A Good Decade for Billionaires

The number of billionaires has surpassed 3,000, with their wealth reaching a record $18.3 trillion in November 2025, an 81% increase since March 2020. This concentration of wealth is exacerbating global inequality, with the 10 richest billionaires holding over $2.4 trillion.

The super-rich are profiting from crises like trade tensions, wars, and climate change, while over 2 billion people face food insecurity. The richest 1% own 43.8% of global wealth, while the poorest half hold just 0.52%. This inequality is undermining democracy and perpetuating poverty.

Meanwhile, Billions Face Poverty and Hunger

Billions face poverty, hunger, and preventable diseases due to systemic inequality. The richest 1% own 43.8% of global wealth, while the poorest half hold just 0.52%.

This disparity is fuelled by stagnant wages, rising costs, and tax policies favouring the wealthy. Women, racialized communities, and marginalized groups bear the brunt of this inequality. Redistribution of just 65% of billionaires’ wealth gained in 2025 could end global poverty. Taxing the super-rich is a popular solution, with support across the political spectrum.

Economic Inequality Leads to Political Inequality

The growing wealth gap is fuelling a dangerous political inequality, where billionaires wield disproportionate influence over governments, economies, and societies, undermining democracy and eroding rights.

This concentration of power allows the super-rich to shape policies, suppress dissent, and silence marginalized voices. As a result, democratic institutions are being captured, and authoritarianism is on the rise, with nearly three-quarters of the world’s population living under autocratic rule.

2. Political Inequality at the Top

Buying into Politics

In the US, just 100 billionaire families spent a record $2.6 billion on federal elections in 2024, and the 10 richest men’s companies spent $88 million lobbying, more than all trade unions combined. This leads to policy outcomes that reflect upper-income preferences, exacerbating economic inequality. The ‘revolving door’ between government and corporate roles further blurs lines, allowing elites to shape policies in their favour.

Elite Ownership and Control of the Media

The concentration of media ownership among billionaires is a pressing concern, threatening political freedom and the role of media in holding power accountable. Seven out of the world’s 10 largest media companies are owned by billionaires, who can influence public debate and shape narratives to suit their interests.

This concentration of power allows a few individuals to control the flow of information, undermining the quality of public debate and accountability. The rise of generative AI and misinformation further exacerbates this issue, posing risks to political freedoms.

Billionaires Taking a Seat at the Table

Billionaires are increasingly holding political office and influencing policy decisions globally. Over 11% of the world’s billionaires have held or sought political office, with Oxfam estimating they are 4,000 times more likely to hold office than ordinary people.

Examples include Najib Mikati, Lebanon’s former prime minister, and Julius Maada Bio, Sierra Leone’s president, who significantly increased their wealth while in office. Billionaires also shape policy through business advisory councils and lobbying, with one in four billionaires attending UN COP28 made their riches from polluting industries.

3. Political Inequality at the Bottom

Economic inequality leads to significant political inequality, where the wealthy influence policy and decision-making, while marginalized groups face barriers to participation. In low-income countries, 45% of the least wealthy quintile lack ID, with women facing greater challenges. This perpetuates a cycle where the rich shape policies to their advantage, further marginalizing the poor.

For example, voters in Black neighbourhoods in the US waited 29% longer to vote than those in white neighbourhoods during the 2016 presidential elections. Women and racial minorities are underrepresented in politics, with only 4.3% of EU MEPs from minority backgrounds and 16% of elected councillors in Brazil being women.

Protests Against Inequality and Austerity Crushed

Globally, over 142 significant anti-government protests erupted in the last twelve months, driven by failures of political representation, economic inequality, and austerity measures. The debt crisis and super-rich private creditors are exacerbating unrest. Governments face a choice: redistribute or repress.

Instead of meaningful change, governments often respond with repression, as seen in Colombia (2021), Kenya (2024), and Argentina (2025), where protests against austerity measures and inequality were met with force, resulting in deaths, arrests, and militarization.

Targeting of Environmental and Human Rights Advocates

Environmental and human rights defenders, trade unions, and marginalized communities are fighting against inequality, land grabs, and corporate power, often at great personal risk. Over the past decade, 89% of attacks on human rights defenders targeted climate, land, and environment defenders, with Indigenous peoples disproportionately affected.

In 2023, at least 196 people were murdered for defending their land and environment. Governments often respond to protests with repression, as seen in Colombia, Argentina, and elsewhere, where defenders face violence, arrests, and intimidation. Gen Z-led protests and digital organizing are driving change, but face state repression and online restrictions.

4. Building a More Equal Future

To address the erosion of rights and freedoms caused by economic inequality, governments should prioritize reducing inequality through bold policies and reforms. National Inequality Reduction Plans (NIRPs) should be implemented, aiming for a Gini coefficient < 0.3 and/or Palma ratio ≤ 1, with progress monitored annually.

NIRPs should include policies like taxing the super-rich, curbing corporate power, raising wages, and providing quality public services. An International Panel on Inequality should be established to provide timely information on inequality and solutions.

Curb the Political Power of the Super-Rich

To build a firewall between wealth and politics, governments should tax the super-rich, regulate lobbying and revolving doors, and increase transparency. This includes independent regulatory bodies, public lobby registries, and easier access to budget information. These steps can reduce the influence of extreme wealth on politics and promote democracy.

Build the Political Power of the Many

Governments can empower ordinary people by creating institutional inclusiveness, political incentives, and collective organization. Examples like India’s political reservations and Brazil’s Participatory Budgeting show progress. To build political power for the many, governments should guarantee civic space, protect freedoms of expression, public opinion, and ensure transparency and accountability. This enables citizens, movements, and organizations to organize and participate in policymaking.