Rich people are a threat for democracy, Oxfam finds [View all]
Global billionaire wealth surged to record highs in 2025, with growth outpacing previous years threefold, according to a new report by Oxfam that warns of dangerous levels of political inequality. The International NGO Oxfam published its report on Monday (19 January), the same day the world economic forum in Davos starts.
The concentration of extreme wealth is translating into political power, Oxfam found. Billionaires are 4,000 times more likely to hold political office than ordinary citizens, highlighting what the organisation called a "dangerous political inequality." “The report shows that really we are not just talking about some money that buys luxury goods of consumption, but it's really money that buys politics, elections, that buys judges, that influence politics,“ Chiara Putaturo from Oxfam told EUobserver.
Countries with high levels of inequality are seven times more likely to experience democratic backsliding – including erosion of the rule of law and undermining of elections – according to the report. The concentration of wealth is increasingly translating into control over information, with billionaires now owning more than half of the world's largest media companies and all major social media platforms. Recent high-profile acquisitions include Jeff Bezos purchasing the Washington Post, Elon Musk buying Twitter (now X), and Patrick Soon-Shiong acquiring the Los Angeles Times. A billionaire consortium also bought significant stakes in The Economist.
In France, far-right billionaire Vincent Bolloré has transformed CNews into what critics call the French equivalent of Fox News. In the United Kingdom, three-quarters of newspaper circulation is controlled by just four wealthy families. This consolidation of media ownership is affecting whose voices are heard.
more... https://euobserver.com/health-and-society/ara3abf5ee
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