Protesters take part in a demonstration against the World Economic Forum in Davos, Switzerland on January 19, 2025.
Wealth of Global Billionaires Surged by $10 Billion Per Day in January
"Failure to act enables more unchecked greed and deepening disparities, allowing oligarchs to expand their vast fortunes and further extend their power over the rest of the world," said economist Jayati Ghosh.
The collective fortune of the world's billionaires grew by roughly $10 billion per day during the first month of 2025 as billionaire Donald Trump took office in the United States, ushering in an administration that includes the world's richest man and other elites hellbent on eviscerating government and delivering fresh tax breaks to the ultra-wealthy.
The new analysis of billionaire wealth was published Monday by the global #TaxTheSuperRich Movement, an alliance that is pressuring G20 nations to tax the mega-rich in order to stem destructive inequality and fund critical priorities, including badly needed climate action.
According to the analysis, global billionaire wealth surged by $314 billion total in January, which is "more than the combined wealth of the 2.8 billion people who make up the poorest third of humanity."
The research, based on Forbes data, estimates that it would take a combined 15 million workers earning the average global income a full year to earn the same amount of money that around 2,800 billionaires added to their collective net worth last month alone.
"Extreme wealth isn't just growing—it's accelerating at breakneck speed, putting more and more power into the hands of a tiny few," said economist Jayati Ghosh, a member of the Independent Commission for the Reform of International Corporate Taxation. "Failure to act enables more unchecked greed and deepening disparities, allowing oligarchs to expand their vast fortunes and further extend their power over the rest of the world."
"Rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society."
The #TaxTheSuperRich Movement includes dozens of advocacy organizations—from Oxfam to Amnesty International to the U.S.-based Patriotic Millionaires—that are calling on governments around the world to reach a global agreement to "tax the super-rich at rates high enough to reduce inequality, as well as mechanisms to end tax avoidance."
The new analysis was released as G20 finance ministers gathered for a round of meetings in South Africa, which currently holds the G20 presidency.
Shortly after taking office, Trump moved to withdraw the U.S.—home to more billionaires than any other nation—from global tax deals and negotiations, including an OECD agreement calling for a minimum effective tax rate of 15% on the profits of multinational corporations.
Morris Pearl, chair of the Patriotic Millionaires, said Monday that "rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society."
"In our increasingly connected world, it is a global problem that requires global solutions," Pearl added. "That's why my group, Patriotic Millionaires, is proud to partner with over 50 international organizations in calling on G20 leaders to follow through with their commitment to cooperate in taxing the super-rich more effectively."
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
The collective fortune of the world's billionaires grew by roughly $10 billion per day during the first month of 2025 as billionaire Donald Trump took office in the United States, ushering in an administration that includes the world's richest man and other elites hellbent on eviscerating government and delivering fresh tax breaks to the ultra-wealthy.
The new analysis of billionaire wealth was published Monday by the global #TaxTheSuperRich Movement, an alliance that is pressuring G20 nations to tax the mega-rich in order to stem destructive inequality and fund critical priorities, including badly needed climate action.
According to the analysis, global billionaire wealth surged by $314 billion total in January, which is "more than the combined wealth of the 2.8 billion people who make up the poorest third of humanity."
The research, based on Forbes data, estimates that it would take a combined 15 million workers earning the average global income a full year to earn the same amount of money that around 2,800 billionaires added to their collective net worth last month alone.
"Extreme wealth isn't just growing—it's accelerating at breakneck speed, putting more and more power into the hands of a tiny few," said economist Jayati Ghosh, a member of the Independent Commission for the Reform of International Corporate Taxation. "Failure to act enables more unchecked greed and deepening disparities, allowing oligarchs to expand their vast fortunes and further extend their power over the rest of the world."
"Rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society."
The #TaxTheSuperRich Movement includes dozens of advocacy organizations—from Oxfam to Amnesty International to the U.S.-based Patriotic Millionaires—that are calling on governments around the world to reach a global agreement to "tax the super-rich at rates high enough to reduce inequality, as well as mechanisms to end tax avoidance."
The new analysis was released as G20 finance ministers gathered for a round of meetings in South Africa, which currently holds the G20 presidency.
Shortly after taking office, Trump moved to withdraw the U.S.—home to more billionaires than any other nation—from global tax deals and negotiations, including an OECD agreement calling for a minimum effective tax rate of 15% on the profits of multinational corporations.
Morris Pearl, chair of the Patriotic Millionaires, said Monday that "rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society."
"In our increasingly connected world, it is a global problem that requires global solutions," Pearl added. "That's why my group, Patriotic Millionaires, is proud to partner with over 50 international organizations in calling on G20 leaders to follow through with their commitment to cooperate in taxing the super-rich more effectively."
- Victory for Corporate Tax Dodgers as OECD Approves Watered-Down Global Minimum Tax | Common Dreams ›
- Opinion | The US G20 Presidency Could Take Trump's Pro-Billionaire Agenda Global | Common Dreams ›
- Opinion | Billionaires' Tax Filings Agree With AOC. They Don't "Earn" Their Billions. | Common Dreams ›
The collective fortune of the world's billionaires grew by roughly $10 billion per day during the first month of 2025 as billionaire Donald Trump took office in the United States, ushering in an administration that includes the world's richest man and other elites hellbent on eviscerating government and delivering fresh tax breaks to the ultra-wealthy.
The new analysis of billionaire wealth was published Monday by the global #TaxTheSuperRich Movement, an alliance that is pressuring G20 nations to tax the mega-rich in order to stem destructive inequality and fund critical priorities, including badly needed climate action.
According to the analysis, global billionaire wealth surged by $314 billion total in January, which is "more than the combined wealth of the 2.8 billion people who make up the poorest third of humanity."
The research, based on Forbes data, estimates that it would take a combined 15 million workers earning the average global income a full year to earn the same amount of money that around 2,800 billionaires added to their collective net worth last month alone.
"Extreme wealth isn't just growing—it's accelerating at breakneck speed, putting more and more power into the hands of a tiny few," said economist Jayati Ghosh, a member of the Independent Commission for the Reform of International Corporate Taxation. "Failure to act enables more unchecked greed and deepening disparities, allowing oligarchs to expand their vast fortunes and further extend their power over the rest of the world."
"Rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society."
The #TaxTheSuperRich Movement includes dozens of advocacy organizations—from Oxfam to Amnesty International to the U.S.-based Patriotic Millionaires—that are calling on governments around the world to reach a global agreement to "tax the super-rich at rates high enough to reduce inequality, as well as mechanisms to end tax avoidance."
The new analysis was released as G20 finance ministers gathered for a round of meetings in South Africa, which currently holds the G20 presidency.
Shortly after taking office, Trump moved to withdraw the U.S.—home to more billionaires than any other nation—from global tax deals and negotiations, including an OECD agreement calling for a minimum effective tax rate of 15% on the profits of multinational corporations.
Morris Pearl, chair of the Patriotic Millionaires, said Monday that "rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society."
"In our increasingly connected world, it is a global problem that requires global solutions," Pearl added. "That's why my group, Patriotic Millionaires, is proud to partner with over 50 international organizations in calling on G20 leaders to follow through with their commitment to cooperate in taxing the super-rich more effectively."
- Victory for Corporate Tax Dodgers as OECD Approves Watered-Down Global Minimum Tax | Common Dreams ›
- Opinion | The US G20 Presidency Could Take Trump's Pro-Billionaire Agenda Global | Common Dreams ›
- Opinion | Billionaires' Tax Filings Agree With AOC. They Don't "Earn" Their Billions. | Common Dreams ›