From Private Profit to Public Power: World’s Richest 1% Increased Wealth by $33.9 Trillion Since 2015

ECONOMICS, 30 Jun 2025

OXFAM – TRANSCEND Media Service

Financing Development, Not Oligarchy

26 Jun 2025 – A decade ago, the world‘s countries agreed to a vision of the common good, the Sustainable Development Goals, and a plan to achieve that vision, the Addis Ababa Action Agenda. Ten years later, that effort is failing. Nearly half the world‘s population— over 3.7 billion people— live in poverty, while gender injustice, hunger, and other denials of basic human rights are widespread. Since 2015, the richest 1 percent have gained at least $3.9 trillion in wealth in real terms, enough to end annual global poverty 22 times over. Billionaires—roughly 3,000 people—have gained 56.5 trillion in real terms, more than the $4 trillion estimated annual cost of achieving the SDGs.

A key factor undermining global development efforts is extreme economic inequality. A decade ago, major development institutions recast their mission to focus on enlisting powerful private Global North investors to achieve development goals, an idea the World Bank chief economist has since dismissed as a “fantasy.“ Today, the development agenda is captured by the interests of wealthy private investors to a considerable degree. Despite the significant evidence that this approach has not worked, can cause major harms, and is not superior to public financing, as the traditional aid system craters, there is alarming new momentum behind the idea.

A new agenda is needed—one that puts public power before private profit. The upcoming fourth Financing for Development Conference in Sevitta, Spain provides an opportunity for transformed muttitateralism that can be built on throughout 2025. Countries that are willing to lead can make real progress towards development goals by working together to tackle extreme inequality.

Countries and development actors should reject the “Watt Street Consensus“ around financing development, and embrace a public sector-first approach. They can start by taxing the very wealthiest—a new global survey finds 9 out of 10 people support taxing the super-rich to raise the revenue needed to invest in public services and climate action. Reforms to the international financial architecture and restoring aid are also key.

Extreme Inequality Is Derailing Global Development

A decade ago, the world‘s countries agreed to a vision of what the common good looks like—the Sustainable Development Goals (SDGsl—and a plan to finance that vision— the Addis Ababa Action Agenda.‘Ten years later, the SDGs and the Addis Agenda are failing.

0f a host of admirable aims—such as eradicating hunger and extreme poverty, achieving gender equality, and ensuring access to healthcare, education, and decent work—as of 2024, only 16 percent of the SDG targets were on track to be met by 2030. According to recent estimates, more than 3.7 billion people (nearly half the world) live in poverty,* over 700 million face hunger, and gender equality wilt not be achieved for another 123 years.‘The gap between the amount of money needed to meet basic needs and the amount actually mobilized to do so, the SDG “financing gap,“ has swelled drastically, from an estimated $2 trillion in 2015 to $4 trillion annually, and is projected to reach $6.4 trillion by 2030.* Moreover, countries are reeling from a sovereign debt crisis, the possibility of trade wars, the costs of climate inaction, and the rapid cratering of aid which could push millions more below the poverty line.

Concentrated Private Wealth Alongside Public Immiseration

TO READ FULL REPORT Download PDF file:

OXFAM: From Private Profit to Public Power

This article originally appeared on Transcend Media Service (TMS) on 30 Jun 2025.

Anticopyright: Editorials and articles originated on TMS may be freely reprinted, disseminated, translated and used as background material, provided an acknowledgement and link to the source, TMS: From Private Profit to Public Power: World’s Richest 1% Increased Wealth by $33.9 Trillion Since 2015, is included. Thank you.

If you enjoyed this article, please donate to TMS to join the growing list of TMS Supporters.

Share this article: email mastodon facebook 🔗 copy link

This work is licensed under a CC BY-NC 4.0 License.

There are no comments so far.