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oxfam international
‘A System Rigged’: Untaxed Wealth of Richest 0.1% Is More Than Assets of World’s Poorest Half
A decade after the Panama Papers, the global rich are still hiding more than $2.8 trillion in tax havens. Just a fraction of that money could end extreme hunger and provide clean water to everyone on Earth.
Apr 02, 2026
The richest 0.1% of people on Earth are hiding more than $2.8 trillion in offshore accounts to avoid taxes. That money alone is more wealth than is owned by the entire bottom half of humanity, more than 4.1 billion people.
These findings were published in a report released Thursday by Oxfam International on the 10th anniversary of the 2016 Panama Papers, which provided an unprecedented look at how the world's most powerful capitalists, financiers, political leaders, celebrities, and criminals exploited offshore tax havens to stash their money.
"Ten years on, the superrich are still sequestering oceans of wealth in offshore vaults,” said Christian Hallum, Oxfam International’s tax lead.
The percentage of untaxed wealth in offshore accounts has dropped in the past 10 years, in large part due to global reforms like the adoption of the Organization for Economic Cooperation and Development's Automatic Exchange of Information framework (AEOI), which allows revenue authorities around the world to easily share information and crack down on cheats.
However, many nations in the Global South are excluded from this system, even though they need the tax revenue the most.
Oxfam found that a staggering $3.5 trillion, more than 3.2% of the global gross domestic product, still remains in untaxed accounts. That's more than the entire GDP of France and is more than twice the combined wealth of the world's 44 poorest nations.
And while the percentage of untaxed wealth is shrinking, that doesn't mean inequality has shrunk.
On the contrary, the December 2025 "World Inequality Report" found that the richest 0.001% of humanity—fewer than 60,000 multimillionaires and billionaires—now have three times as much wealth as the poorest half of the world’s population combined.
Inequality has surged around the world in part due to taxation policies and pandemic recovery packages that overwhelmingly favor the rich. The most glaring was adopted in the world's financial hub, the United States, last year.
The megabudget passed by Republicans and signed into law by President Donald Trump handed a $1 trillion tax cut to America's wealthiest 1% while slashing more than $1 trillion in spending from Medicaid, food assistance, and other safety net programs. It has been described by some economists as the largest upward transfer of wealth in US history.
While the global top 0.1% holds about 80% of untaxed offshore wealth, an even smaller group of uber-wealthy individuals does most of the cheating. The world's richest 0.01%, who hold at least $50 million apiece, control about half of all money in global tax shelters—$1.7 trillion.
According to the Tax Justice Network's Corporate Tax Haven Index, Caribbean islands under UK ownership, including the British Virgin Islands, the Cayman Islands, and Bermuda, are among the worst offenders. Other notable tax havens include Switzerland, Singapore, Hong Kong, Ireland, and the Netherlands.
A February Oxfam report on Elon Musk, who is well on his way to becoming the world's first trillionaire, found that his company, Tesla—which managed to pay zero dollars on its $2.3 billion income in 2024—has not published a country-by-country report on its taxes and that it has subsidiaries in many countries considered to be tax havens.
Big Pharma companies, including AbbVie and Merck, also used tax shelters to lower their total tax expense in 2025 by more than $1 billion, according to a report released earlier this month by the Financial Accountability & Corporate Transparency Coalition.
"This isn’t just about clever accounting—it’s about power and impunity," Hallum said. "When millionaires and billionaires stash trillions of dollars in offshore tax havens, they place themselves above the obligations that bind the rest of society."
"The consequences are as predictable as they are devastating," he continued. "We see our public hospitals and schools starved of funds, our social fabric shredded by rising inequality, and ordinary people forced to shoulder the costs of a system rigged to enrich a tiny few.”
Even a fraction of the money currently stashed away by the world's wealthiest could alleviate untold amounts of suffering.
In November, the United Nations' World Food Program estimated that extreme hunger, which currently affects more than 318 million people around the world, could be eradicated by 2030 with investments of about $93 billion per year, but that global hunger programs instead remain “slow, fragmented, and underfunded."
According to a 2021 UN Educational, Scientific, and Cultural Organization (UNESCO) report, investments of around $114 billion per year would similarly be enough to ensure that everyone on Earth has access to safe drinking water and sanitation.
Oxfam called on governments around the world to increase coordination to prevent the wealthy from hiding their riches from tax authorities. It also urged them to adopt more aggressive policies to tax the 1%'s wealth at home, including taxes on income and on extreme wealth.
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Report Shows How to End 'Climate Colonialism' and Ensure a Just Transition for Global South
"A just transition must redistribute power and resources, curb overconsumption, and prioritize dignity and rights for all," Oxfam International stresses in a new report.
Sep 24, 2025
A report published Wednesday details how "climate colonialism" of wealthier nations "hijacks" investment and profits from the Global South—and lays out how the world can "move beyond extractive models and build an energy system rooted in equality, justice, care, and collective prosperity."
The Oxfam International report notes that "the global energy transition stands at a pivotal moment: It can either dismantle the inequalities driving the climate crisis or deepen them. Today, the transition risks reproducing patterns of extractivism and exploitation, with the most marginalized paying the highest price while elites profit."
"From transition mineral mining to debt burdens and unequal energy access, the current trajectory mirrors centuries of colonial injustice," the publication states. "A just transition must redistribute power and resources, curb overconsumption, and prioritize dignity and rights for all."
The report continues:
Today, the warning signs are clear: The global renewable energy transition is being built on unequal foundations. We are witnessing climate inequality inaction: a transition focused on replacing fossil fuels with green alternatives, without questioning the excessive energy use of the richest, while often leaving lower-income communities to bear the greatest costs, including through the harmful impacts of transition mineral mining, inadequate benefit sharing, and global financial and trade systems rigged against their interests. Put simply, the same dynamics that drove historical colonialism are reaemerging in new forms through the green transition.
These patterns of inequality play out both between and within countries. While stark inequalities exist between the richest and poorest within high-income countries too, global inequality is most sharply felt in the Global South, where structural barriers and historic injustices have left entire nations bearing the brunt of the climate crisis and now shouldering the greatest risks in the renewable energy transition.
"Unless the logic underpinning the transition changes, it will continue to replicate the history of extractivism and exploitation," the report warns. "These inequalities intersect with gender, race, class, age, and other marginalized people or groups, meaning that the costs of an unjust transition fall heaviest on Indigenous peoples, Black communities and other racialized groups, women, workers, peasants, and of course young people and future generations."
"This concentration of wealth and power is mirrored in patterns of energy use: A small minority live in extreme luxury and overconsume planetary resources, while others still lack basic electricity," the report's authors wrote. "If just one year’s energy consumption of the wealthiest 1% were redistributed, it could meet the modern energy needs of all the people in the world without electricity seven times over, while redistributing the consumption of the top 10% global energy consumers could meet the needs of the entire Global South nine times over."
The report also highlights how a "colonial financial system" plays a key role in perpetuating injustice, noting that "while rich countries can pour billions into their own clean energy transitions, the Global South is left with rising debt, punishing interest rates, and shrinking fiscal space."
For every #ElectricVehicle that contains about 3kg of cobalt mined in the Democratic Republic of Congo, Tesla earns approximately $3,150 in profit. While the DRC government receives less than $10 in royalties and the average miner earns just $7!📢 Read our new report to learn more: oxf.am/3W68E2o
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— Oxfam International (@oxfaminternational.bsky.social) September 24, 2025 at 6:46 AM
According to Oxfam:
In 2024, high-income countries accounted for roughly 50% of global clean energy investment, and China for 29%, while Africa accounted for just 2%, despite sub-Saharan Africa being home to 85% of all the people in the world without electricity. The inequality is not only in where finance flows, but in how much it costs: Clean energy projects in the Global South face interest rates of 9–13.5%, compared with just 3–6% in richer countries, slowing the pace of the transition. These costs are not inevitable—they reflect a system that prices risk through the racialized lens of colonial legacies. The impact is stark: Powering 100,000 people with clean energy costs about $95 million in advanced economies like the UK, but $139 million (45% higher) in emerging economies such as India and $188 million (97% higher) in African countries such as Nigeria.
How does the Global South reclaim its energy future from climate colonialism? According to the report's authors, "Rather than treating the energy future as a race with few winners, we must reimagine it as a shared global project."
"Energy should not be hoarded, withheld, or used as leverage for geopolitical or corporate power," the report advises. "This structural change requires reparative justice: making rich polluters pay, redistributing resources, confronting overconsumption, and prioritizing the rights of those historically excluded while embracing economic models that put equality, well-being, and ecological limits at the center.
"Tackling inequality is both a moral imperative and an effective strategy for climate mitigation," the authors stressed, offering the following recommendations:
- Differentiating transition pathways based on historical responsibility and capacity;
- Working toward more equitable energy consumption;
- Reforming trade, investment, and taxation systems;
- Replacing extractive financial models with debt cancellation, grant-based climate finance, and reparations initiatives;
- Safeguarding communities and nature;
- Democratizing energy governance; and
- Adopting an international mechanism at the United Nations Climate Change Conference to ensure policy coherence and accelerate, consolidate, and achieve a holistic just transition.
The UN conference, or COP30—scheduled to begin November 10 in Belém, Brazil—is set to feature the theme of a just transition as a central agenda item.
"There is no single blueprint for a just transition—it will differ across contexts, shaped by diverse histories, knowledge, and needs," the Oxfam report states. "But all just transitions must share one principle: Energy should serve life, not profit."
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'No Safe Place Left' as Israel Moves to Ethnically Cleanse Nearly 1 Million Gazans
"This is the latest chapter in the genocide that Israel is committing in Gaza and part of a broader campaign of ethnic cleansing engulfing the entire Gaza Strip," said Oxfam International.
Sep 11, 2025
Israel's US-backed campaign to ethnically cleanse Palestinians from Gaza City has left nearly 1 million people—half of them starved by design—with nowhere to seek refuge, United Nations agencies and other humanitarian groups warned Wednesday.
"We are witnessing a dangerous escalation in Gaza City, where Israeli forces have stepped up their operations and ordered everyone to move south. This comes two weeks after famine was confirmed in the city and surrounding areas," said the UN Humanitarian Country Team (HCT), a strategic forum of UN agency heads and over 200 nongovernmental organizations (NGOs).
"While Israeli authorities have unilaterally declared an area in the south as 'humanitarian,' it has not taken effective steps to ensure the safety of those forced to move there and neither the size nor scale of services provided is fit to support those already there, let alone new arrivals," HCT continued.
"Nearly 1 million people are now left with no safe or viable options—neither the north nor the south offers safety," HCT added.
One elderly woman caring for an injured 8-year-old girl who is one of tens of thousands of children orphaned by Israeli attacks told Amnesty International Wednesday that "she's all that I have left, and I have tried everything I can to protect her."
"We have been displaced twice just in the last week," the woman added. "We don't have the means to go to the south, and we are tired of being forced to relive this ordeal all over again."
An elderly disabled woman living in a makeshift refugee camp in southern Gaza City told Amnesty that "we were displaced from Sheikh Radwan three weeks ago; my son had to carry me on his shoulders because I have no wheelchair and no transportation could reach our area."
"Now we are ordered to evacuate again. Where do we go?" she asked. "To secure transportation to the south, you have to pay close to 4,000 shekels ($1,200) and to buy a tent, you have to pay at least 3,000 shekels and we don't know if we'll find any land to pitch our tent on."
"We had already spent all our savings to survive this war, looking for food and basics," the woman added. "Every day is like the war is starting all over again, only far worse, but we are totally depleted, we have no will or strength to carry on."
Photos showing hundreds of thousands of Palestinians—including some with donkey-drawn carts—slowly streaming southward from Gaza City evoked images from the Nakba, when more than 750,000 Arabs were ethnically cleansed from Palestine by Zionist terror militias during the establishment of modern Israel.
The World Health Organization (WHO), a UN body, warned Wednesday that "starvation and malnutrition in Gaza are at the highest levels ever since the conflict began almost two years ago," and that "deliberate blocking and delay of large-scale food, health, and humanitarian aid has cost many lives."
"After 22 months of relentless conflict, over half a million people in the Gaza Strip are facing catastrophic conditions characterized by starvation, destitution, and death," the agency added. "Another 1.07 million people (54%) are in 'emergency' (IPC Phase 4), and 396,000 people (20%) are in 'crisis' (IPC Phase 3)."
WHO also cited overall casualties in Gaza—now approaching at least 65,000 deaths, mostly women and children—and 164,000 injuries, according to the Gaza Health Ministry (GHM)—and noted that "as of September 5, 2025, there have been 2,339 reported fatalities among aid-seekers near militarized distribution sites and along convoy routes since May 27."
Oxfam International—a coalition of over 20 independent NGOs focused on alleviating poverty—echoed the UN experts, asserting that "Israel's intent to displace around 1 million civilians, half of whom are living in famine, is impossible and illegal."
"Displacement orders, on leaflets thrown from the sky, or posted on social media, signal grave next steps, a scene all too familiar in Gaza where every order has preceded new waves of destruction and mass casualties," Oxfam said. "This is the latest chapter in the genocide that Israel is committing in Gaza and part of a broader campaign of ethnic cleansing engulfing the entire Gaza Strip, where nothing and no one has been spared."
Heba Morayef, regional director for the Middle East and North Africa at Amnesty International, said Wednesday that Israel's mass displacement order for Gaza City residents "is cruel, unlawful, and further compounds the genocidal conditions of life that Israel is inflicting on Palestinians."
"Gaza City... is now facing complete obliteration," Morayef added. "It is evident that Israel is determined in pursuing its goal to physically destroy Palestinians in the Gaza Strip. It is unconscionable that states with leverage over Israel continue to provide it with arms and diplomatic support to destroy Palestinian lives."
Operation Gideon's Chariots 2—Israel's plan to "conquer, cleanse, and stay" in Gaza and "annihilate everything" there—as Israeli Finance Minister Bezalel Smotrich recently put it—has ramped up in recent days, with intensified Israeli air and artillery strikes and ground troops pushing deeper into Gaza City.
According to GHM, at least 72 Palestinians were killed and a minimum of 356 others were wounded by Israeli forces across Gaza on Thursday, including children and infants. At least 53 of the victims were killed in Gaza City. Israeli strikes reportedly targeted homes, tents housing refugees, and aid distribution points.
Additionally, GHM said that seven Palestinians including a child died from starvation over the past 24 hours, bringing the total number of famine-related deaths in Gaza to at least 411, 142 of them children.
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