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Wanted for War Crimes, Netanyahu Skips Signing of 'Board of Peace' Charter at Davos
One UN expert said it shows "why the ICC and the Rome Statute are so important, even if Israel and the US work to undermine it."
Jan 22, 2026
Israeli Prime Minister Benjamin Netanyahu is on President Donald Trump's so-called "Board of Peace" for Gaza. But he couldn't attend the ceremony in Davos, Switzerland, on Wednesday because he'd likely be arrested for war crimes if he set foot in the country.
In 2024, the International Criminal Court (ICC) issued arrest warrants for Netanyahu and then-Israeli Defense Minister Yoav Gallant, accusing them of war crimes and crimes against humanity committed during Israel’s genocidal military assault in Gaza.
At least 71,000 Palestinians—the majority of whom were women and children—have been killed by Israeli forces, and at least 169,000 more have been injured during the military campaign, according to official numbers.
Other estimates suggest the real death toll is much higher when taking into account the results of Israel’s crushing blockade of humanitarian aid and its destruction of infrastructure that has made the Gaza Strip virtually unlivable, and which has continued despite a "ceasefire" reached in October.
These deaths are the result of what the ICC said has been a systematic campaign by Netanyahu to use starvation as a method of warfare and enact collective punishment against the strip's civilian population.
Switzerland is one of 125 nations that have ratified the Rome Statute, which established the ICC in 1998 as an international body to prosecute leaders who commit genocide, crimes against humanity, war crimes, and crimes of aggression.
Prior to Davos, the Swiss government stated a firm commitment to arresting Netanyahu if he ever sets foot in its territory.
"As a party to the Rome Statute, Switzerland is obliged to cooperate with the International Criminal Court," the nation's Federal Office of Justice told Haaretz. "Switzerland would in principle be required to arrest accused persons if they were to enter Switzerland at this time, provided that a corresponding arrest warrant or an arrest request based on it had been issued by the ICC, and to initiate the surrender proceedings to the International Criminal Court."
Several other countries, including the Netherlands—where the ICC is based—as well as Spain, Ireland, and Australia, have also said they'd comply with the warrants if Netanyahu were to visit.
While the US and Israel itself have not ratified the statute, many of Israel's other allies—including the United Kingdom, France, and Canada—are also party to the agreement and obligated to arrest Netanyahu, though he has thus far not tested their willingness to do so, and many have not stated clearly whether they'd follow through on the obligation.
The only ICC nation Netanyahu has entered since the warrants were issued is Hungary, whose far-right leader Viktor Orban defied the mandate to arrest him and later withdrew from the ICC.
Meanwhile, the US has placed sanctions on the ICC and its chief justice, Karim Khan, and several judges who participated in issuing the warrants, while threatening to do so against any other entity that cooperates with the court.
Israeli President Isaac Herzog, who appeared at Davos in Netanyahu’s stead on Wednesday, called the ICC’s warrants “illegitimate” and said it was “unacceptable and shameful” for Netanyahu to be excluded from “a conference that aims to shape the future of the world and the Middle East.”
While the ICC's inability to act on its warrants unilaterally has led some to dismiss them as impotent, Beatrice Fihn, a Swedish senior fellow at the United Nations Institute for Disarmament Research, said blocking Netanyahu from events like Davos shows "why the ICC and the Rome Statute are so important, even if Israel and the US work to undermine it."
"The arrest warrant," she said, "is making Netanyahu's work harder."
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‘Sometimes You Need a Dictator,’ Trump Says Following Threats to Cancel Election
Trump previously said he wished he could cancel elections, but feared being called a "dictator" by his detractors. Now he's calling himself one in front of the whole world.
Jan 21, 2026
After weeks of authoritarian threats to crush protests with the military, cancel elections, conquer foreign countries, and send masked agents door-to-door to round up anyone who can't prove their citizenship, Trump on Wednesday told an already uneasy room full of world leaders that "sometimes you need a dictator."
The offhanded comment came in the middle of a rambling speech at the reception dinner for the annual meeting of the World Economic Forum in Davos, Switzerland, on Wednesday, in which Trump congratulated himself on a different rambling speech he'd given earlier that day at the summit.
“We had a good speech, we got great reviews. I can’t believe it, we got good reviews on that speech,” Trump said of the widely mocked address in which he continued to demand the US take over Greenland (which he repeatedly referred to as "Iceland") and made new tariff threats against Canada and Europe if they resist the annexation.
“Usually they say ‘he’s a horrible dictator-type person,’ I’m a dictator,” Trump continued. “But sometimes you need a dictator! But they didn’t say that in this case... It’s all based on common sense, it’s not conservative or liberal, or anything else.”
At least twice over the past month, Trump has suggested that the 2026 midterm elections should be canceled, since his party is likely to lose.
The first time he brought up the idea, on the five-year anniversary of the January 6, 2021, Capitol insurrection, he seemed to back off the idea for fear of being called a dictator by his detractors: "I won’t say cancel the election; they should cancel the election, because the fake news would say: ‘He wants the elections canceled. He’s a dictator.’ They always call me a dictator.”
But if being called a dictator was the only thing holding him back from attempting to suspend democracy, he no longer appears to care.
As political commentator Charlotte Clymer wrote on social media, "Trump is now openly referring to himself as a dictator" in front of the whole world.
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'None of This Is Normal': Trump Attacks Allies, Demands Control of Greenland in Rambling Davos Speech
"Our friends think we've gone insane and our enemies are celebrating."
Jan 21, 2026
President Donald Trump on Wednesday used his closely watched speech at the World Economic Forum in Davos, Switzerland to threaten longtime US allies and once again demand control of Greenland, a performance that alarmed observers.
During his Davos address, the president took a shot at Canadian Prime Minister Mark Carney, who on Tuesday made a case for creating a new system of international order outside of US hegemony.
"Canada gets a lot of freebies from us, by the way," Trump said. "They should be grateful also but they're not. I watched your prime minister yesterday, he wasn't so grateful. But they should be grateful to us, Canada. Canada lives because of the United States. Remember that, Mark, the next time you make your statements."
Trump: "The Golden Dome is going to be defending Canada. Canada gets a lot of freebies from us, by the way. They should be grateful but they're not. I watched your prime minister yesterday. He wasn't so grateful. But they should be grateful to us. Canada. Canada lives because of… pic.twitter.com/pL1F9nppbx
— Aaron Rupar (@atrupar) January 21, 2026
Trump also once again falsely claimed that Greenland was a US territory, even though it has been recognized as a self-governing territory of Denmark for centuries.
"We need Greenland for strategic national security and international security," he said. "This enormous, unsecured island is actually part of North America on the northern frontier of the Western hemisphere. That's our territory. It is therefore a core national security interest of the United States of America."
Trump: "We need Greenland for strategic national security and international security. This enormous, unsecured island is actually part of North America on the northern frontier of the Western hemisphere. That's our territory." pic.twitter.com/PdAWZXdLAX
— The Bulwark (@BulwarkOnline) January 21, 2026
Although Trump claimed that he would not take Greenland by force during his speech, he still insisted that the US would take control of the territory, a demand the governments of both Denmark and Greenland have flatly rejected.
Journalist Spencer Ackerman warned mainstream news outlets to not emphasize Trump's claims to have ruled out starting a war to seize Greenland.
"If you're only reading headlines and see 'Trump Says He Won't Use Force' it will give you a misimpression of both how bellicose this speech is and how dug in he is on Greenland," Ackerman wrote on Bluesky.
MSNOW columnist Paul Waldman also chastised the media for not conveying the unhinged nature of the president's speech.
"Trump is giving a deranged, rambling monologue in Davos to an audience stunned into silence," Waldman wrote. "He sounds incredibly tired, his voice raspy; he keeps trailing off into long pauses. It's jaw-dropping. The sanewashing headlines are going to say 'Trump Doubles Down On Greenland Demand In Davos Speech.'"
California Gov. Gavin Newsom, who is also in Davos attending the World Economic Forum, was asked by CNN's Kaitlan Collins if he noticed that Trump repeatedly misnamed the country he was demanding be given to the US during his address.
"Did it stand out to you that he said Iceland multiple times when he was talking about Greenland?" asked Collins.
Newsom indicated that it did stand out before noting that Trump also made an absurd claim about power-generating windmills costing $1,000 per rotation.
"A lot of stuff stands out," Newsom emphasized. "None of this is normal... It's really some jaw-dropping and remarkable statements that just, you know, fly in the face of facts and evidence."
COLLINS: Did it stand out to you that he said Iceland multiple times when he was talking about Greenland?
NEWSOM: And that every time a windmill turns it costs $1,000. A lot of stuff stands out. None of this is normal. There's a deviancy of consciousness. He's graded off the… pic.twitter.com/eIJmDWiKTn
— Aaron Rupar (@atrupar) January 21, 2026
Former Rep. Tom Malinkowski (D-NJ) said that Trump's belligerent address showed that Europe's attempts to appease the president for the last year have been a failure.
"I get why foreign leaders have tried to flatter Trump," he wrote. "But the problem is that flattery reinforces his delusions that what he's doing is working, that America is more respected, when in fact our friends think we've gone insane and our enemies are celebrating."
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US Union Leader Tells Davos Elites 'You're Gonna Have a Revolution' If AI Wipes Out Jobs
The president of the AFL-CIO warned of a large-scale revolt if corporate leaders use artificial intelligence to "put people out on the street with no path forward."
Jan 21, 2026
The leader of the AFL-CIO, the largest union federation in the United States, told elites and others gathered at the World Economic Forum in Davos, Switzerland on Wednesday that rapid advances in artificial intelligence risk turbocharging the worst inequities of the existing economic order, displacing workers en masse while enriching those at the very top.
Liz Shuler, the AFL-CIO's president, said during a panel discussion that if the billionaires and corporate titans currently directing AI developments are "looking to just deskill, dehumanize, replace workers" and "put people out on the street with no path forward—then absolutely you’re gonna have a revolution."
The economy in the US and around the world "isn't working for working people now," Shuler noted, citing unprecedented levels of inequality, workers being forced to take on multiple jobs to make ends meet, and widespread economic instability.
“Now, put AI on top of that," she continued. "The insecurity that we’re all experiencing—the fact that people are waking up and some new technology is landing on them in their jobs, without training, without them having a say. Of course they’re going to be anxious, of course they're going to be feeling insecure about what the future holds."
“I think we really need to stop, and say: ‘Who are we doing this for, what are the results we want, and how we get there?’" said Shuler. "We get there by including workers in the process."
The International Monetary Fund has estimated that roughly 40% of global employment is "exposed to AI." In advanced economies, according to the analysis, around 60% of jobs could be impacted by AI, either positively or negatively—with some jobs expected to disappear entirely.
Multinational corporate behemoths such as Amazon are actively planning to replace many of their workers with robots, efforts that have sparked the kinds of dire warnings that Shuler expressed at Davos, where AI is a centerpiece of this year's gathering.
In a letter to Amazon's billionaire founder, Jeff Bezos, late last year, US Sen. Bernie Sanders (I-Vt.) asked, "Are you going to simply dump these workers out on the street, or will you treat them with the dignity they deserve?"
"If Amazon succeeds on its massive automation plan," Sanders warned, "it will have a profound impact on blue-collar workers throughout America and will likely be used as a model by large corporations throughout America, including Walmart and UPS, to displace tens of millions of jobs.”
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77% of Global Millionaires Agree: Extreme Wealth Allows Uber-Rich to Buy Political Influence
Actor and activist Mark Ruffalo said that “extreme wealth inequality enabled” President Donald Trump, “and is the root cause of the trend towards authoritarianism we’re witnessing in the US and around the world.”
Jan 20, 2026
For years, progressives such as Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez have made the case that the world's richest people wield a dangerous level of influence over US politics—and it turns out that many millionaires agree.
New polling conducted on behalf of Patriotic Millionaires surveyed 3,900 millionaires across the world and found that 77% of them believe that extremely wealthy people are able to buy political influence, with 62% believing that extreme wealth is a threat to democracy itself.
Furthermore, 82% of millionaires surveyed endorsed limits from how much politicians and political parties can receive from individual contributors, while 65% supported higher taxes on the highest earners to invest in public services.
President Donald Trump's second term also received low marks from the millionaires surveyed, with 59% saying he has had a negative impact on global economic stability, and 58% saying that he's hurt US consumers' ability to afford basic necessities.
The poll's release coincided with the sending of an open letter signed by hundreds of millionaires across 24 countries asking world leaders gathered in Davos, Switzerland for the World Economic Forum to increase taxes on the ultrawealthy in the name of rescuing global democracy. Trump is set to speak at the event on Wednesday.
"A handful of global oligarchs with extreme wealth have bought up our democracies; taken over our governments; gagged the freedom of our media; placed a stranglehold on technology and innovation; deepened poverty and social exclusion; and accelerated the breakdown of our planet," states the letter. "What we treasure, rich and poor alike, is being eaten away by those intent on growing the gulf between their vast power and everyone else."
Actor Mark Ruffalo, a signatory of the letter, argued that the extreme dangers posted by Trump and his political movement were the direct result of global wealth inequality that has gone unaddressed for decades.
"Donald Trump and the unique threat that he poses to American democracy did not come about overnight," Ruffalo explained. "Extreme wealth inequality enabled his every step, and is the root cause of the trend towards authoritarianism we’re witnessing in the US and around the world."
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Swiss Protesters Brave Water Cannon to Say 'Trump Is Still Not Welcome' as Davos Begins
"When fascists, oligarchs, and warmongers gather in Davos, it is our duty to take to the streets," said the rally's main organizer.
Jan 20, 2026
Demonstrators in Zürich were blasted with a water cannon in subfreezing weather on Monday as they protested the pending arrival of US President Donald Trump, traveling to Switzerland this week to attend the annual World Economic Forum's gathering of global elites in Davos.
Chants of "Fuck Trump!" echoed through the streets of Zürich as thousands of demonstrators, some holding placards with messages like "Put Trumpster in the Dumpster" and "Trump Not Welcome," marched through Switzerland's largest city Monday night.
Participants protested the interconnected crises of capitalism, the worsening climate emergency, US imperialism, and the Trump administration's deadly anti-immigrant purge. They also condemned Iran's slaughter of protesters, the ongoing Gaza genocide, and attacks on Kurds in Syria. According to the Movement for Socialism (BFS)—the rally's main organizer—the Zürich protest was the largest of its kind since 2018, when Trump first attended the summit during his first term.
"In the tow of Donald Trump, a horror cabinet of warmongers, autocrats and corporate bosses will be in Davos," BFS said ahead of Monday's rally. "It is our political and moral obligation to resist the world of Trump and consorts."
[Zürich] Tausende Menschen lautstark und kämpfertisch auf der Strasse gegen Trump und das WEF! Gegen die Welt der Imperialismen!#TrumpStillNotWelcome #Antifa #smashWEF #FckTrump
[image or embed]
— sozialismus.ch (@sozialismus.ch) January 19, 2026 at 12:44 PM
Some demonstrators burned American flags to protest Trump's ongoing war-making and imperialist foreign policy, including the bombing of numerous nations, the recent unlawful military assault on Venezuela, and the illegal kidnapping of President Nicolás Maduro and his wife, Cilia Flores. There was particular ire over Trump's incessant threats to acquire the autonomous Danish territory of Greenland by any means necessary, including armed invasion.
According to police, some demonstrators set off firecrackers and smoke bombs along the march, while some protesters vandalized businesses and other property. Some people who took part in an "unauthorized" protest after the main march ended were blasted with a police water cannon, despite an air temperature of approximately 30°F (-1°C). People waving flags and symbols of Kurdish independence in Rojava were seen defiantly advancing as they were hosed down.
Police then fired rubber-coated steel bullets and tear gas at protesters after some of demonstrators allegedly pelted officers with objects including stones and fireworks.
The Swiss news site 20 Minuten reported dozens of people injured, including three police officers.
Hundreds of protesters also rallied in Davos, where they chanted slogans including, "The oceans are rising and so are we!" and held placards with messages like, "No War Profiteering!"
Bus stop ads with a photo of Elon Musk, Jeff Bezos, and Mark Zuckerberg with the caption, "Hey Davos Billionaires: Shut Up and Pay Your Tax" were seen around Davos and Zürich.
The same images and message were printed on a massive banner that was laid out in a field near Zürich's airport for arriving WEF attendees to see.
Dieses riesige Protest-Banner wurde heute im Anflugbereich des Flughafens Zürich ausgerollt, wo die #WEF Teilnehmer landen: «Hallo Davos-Milliardäre [[ Ihr seid das Problem ]] Haltet einfach die Klappe und zahlt eure Steuern!»@weforum.org
[image or embed]
— Jürg Vollmer (@juergvollmer.ch) January 20, 2026 at 1:56 AM
There were no reports of any violence at the Davos demonstration.
Ahead of Monday's protests, BFS asserted that Trump stands for oligarchy, patriarchy, fossil fuels, rising fascism, war, and imperialism.
Trump "represents a world in which the right of the fittest applies, in which genocides, wars of aggression, war crimes, regime-change operations, and economic blackmail constitute the means of international policy to maintain and expand imperialist systems of power and exploitation," the organization said.
"The WEF has always stood for the same world," it continued. "It is the world of capitalism [and] the increasingly right-wing authoritarian and violent character of this world, as it crystallizes in figures such as Trump."
"But there is also another world," BFS added. "It is worth fighting for this world. Let us organize ourselves together with all anti-fascist forces against the world of Trump and consorts!"
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Capitalizing on Trump Corruption, Scammers Trick Davos Elites With Phony Pay-for-Access Scheme
"We encourage billionaires to be vigilant and only utilize the White House’s official pay-for-access operation," quipped the office of California Gov. Gavin Newsom.
Jan 20, 2026
Scammers have succeeded in tricking global elites at the 2026 World Economic Forum in Davos, Switzerland into paying top dollar for false promises of access to US President Donald Trump, whose open corruption has astonished experts and watchdog organizations.
USA House, the main event venue for the US in Davos, posted a warning on Tuesday about scammers selling supposed "VIP access" to the site, which is scheduled to feature is scheduled to feature a speech by the president, as well as panels with CEOs and Trump administration officials.
"It has been brought to our attention that again this year external parties are selling 'VIP access to USA House' and other Stromback Global venues in Davos," the notice read. "USA House and Stromback Global do not work with any external resellers and we will not give access to people who purchased such packages."
The notice concluded by expressing "sympathies to those who fell victim to these scams."
The social media team of Democratic California Gov. Gavin Newsom was quick to pounce on news of the scam, and wrote up their own mocking warning for Davos elites trying to get one-on-one time with the president.
"ALERT: Scammers are selling access to Trump at Davos," they wrote. "We encourage billionaires to be vigilant and only utilize the White House’s official pay-for-access operation."
Concerns about pay-for-access schemes have been prevalent throughout Trump's second term.
Shortly before returning to the White House last year, Trump launched his own official cryptocurrency, which raised immediate alarms about investors using it as a mechanism to bribe him.
In May, Trump hosted an exclusive dinner at one of his golf clubs in Virginia for the largest investors in his cryptocurrency, who spent a combined $148 million on Trump meme coins, according to CNBC.
Trump also drew allegations of corruption in October when he pardoned Changpeng Zhao, the founder of cryptocurrency exchange Binance who pleaded guilty to money-laundering charges in 2023, after he had helped boost the value of Trump's meme coin months earlier.
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Even Most Millionaires Think the Superrich Influencing Trump Threatens Global Stability
The polling was released alongside a letter urging attendees of the World Economic Forum's Davos summit to "tax the superrich."
Jan 22, 2025
As the World Economic Forum held its annual summit in Davos, Switzerland, polling released Wednesday showed that even millionaires are concerned about the wealthy's influence over Republican U.S. President Donald Trump, who started his second term earlier this week surrounded by Big Tech billionaires.
The poll, conducted in November and December by Survation on behalf of the U.S.-based group Patriotic Millionaires, is based on the responses of 2,902 people from G20 countries with investable assets over $1 million, excluding their homes.
Around two-thirds of them strongly or somewhat agreed that "superrich individuals interfered inappropriately in media, public, and political opinion in the 2024 U.S. election" (67%) and "the role the superrich will play in Donald Trump's presidency is a threat to global stability" (63%).
"When a superrich elite is determining the outcome of elections purely to protect their vested interests and accelerate profits, it's clear that we are in a terrifying age of wealth extremism."
Pollsters also found that over half of those surveyed believe that extreme wealth threatens democracy and the democratic stability of their country, and that political leaders lack the will to tackle extreme wealth. Nearly 70% of respondents said that the influence of the superrich is leading to a decline in trust in democracy.
Over 70% think that the ultrawealthy buy political influence and disproportionately sway public opinion through control of the media and social media platforms—and that their influence is leading to a decline in trust of the media and the justice system, according to the poll. Additionally, 72% favor raising taxes on the superrich to help reduce inequality and invest in public services.
The poll results were released alongside a letter to global leaders attending the Davos meeting, signed by more than 370 millionaires and billionaires from 22 countries, who argued that "oligarchy cannot be born from the political fear of upsetting the superrich," so "you must tax us, the superrich."
Signatories include American filmmaker and Patriotic Millionaires member Abigail Disney, who said in a statement that "it's easy to see the election of a figure like Donald Trump as an aberration, but that's not the case. Donald Trump—along with his so-called 'first buddy,' Elon Musk—is the final and inevitable conclusion of decades of inaction on the part of world leaders to put a check on extreme inequality."
Musk, a tech CEO and the richest person on the planet,
poured over a quarter-billion dollars into reelecting Trump, has often been seen at the president's side since his November win, and is leading the Republican's Department of Government Efficiency, a controversial presidential advisory commission created to pursue GOP dreams of slashing federal regulations and spending.
"It's hard to be optimistic about what lies ahead over the next four years—and maybe more—but if officials want to do something to ensure the stability of our democracies, they need only find the political resolve to once and for all tax wealthy people like me," said Disney.
Other signatories also shared that call, including Marlene Engelhorn, an Austrian-German who co-founded taxmenow and said Wednesday that "the superrich are buying themselves more wealth and more power while the rest of the world is living in economic fear."
"We no longer have access to free and fair media; our political and legal systems can be bought; and our democracies are on very shaky ground," added Engelhorn, one of the representatives sharing the letter in Davos. "For all our sake, in every country, we have to tackle this now. Politicians need to show their mettle; they need to tax the superrich."
Scottish award-winning actor Brian Cox, who portrayed a billionaire named Logan Roy on the show Succession, also signed on and said that "recent events have shown that the political influence of billionaires and those with extreme wealth is an extreme risk to society."
"The superrich now manage so much more than money: They manage what we read, what we watch, the information we're given, and ultimately, how we vote," he continued. "When a superrich elite is determining the outcome of elections purely to protect their vested interests and accelerate profits, it's clear that we are in a terrifying age of wealth extremism. Our leaders have lacked the backbone needed to rein in political capture and put ordinary people first. It's time we draw the line and tax the superrich."
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Addressing Elites at Davos, UN Chief Says Fossil Fuel Addiction Is a 'Frankenstein Monster'
"All around us, we see clear signs that the monster has become master."
Jan 22, 2025
United Nations Secretary-General António Guterres said during his address at an annual gathering of global elites on Wednesday that the world's addiction to fossil fuels has become an all-consuming "Frankenstein monster" imperiling hopes of a livable future.
"All around us, we see clear signs that the monster has become master. We just endured the hottest year and the hottest decade in history," Guterres said to the audience gathered at the World Economic Forum in Davos, Switzerland.
"A number of financial institutions and industries are backtracking on climate commitments," Guterres continued. "Here at Davos, I want to say loudly and clearly: It is short-sighted. And paradoxically, it is selfish and also self-defeating. You are on the wrong side of history. You are on the wrong side of science. And you are on the wrong side of consumers who are looking for more sustainability, not less. This warning certainly also applies to the fossil fuel industry and advertising, lobbying, and PR companies who are aiding, abetting, and greenwashing."
"Global heating is racing forward—we cannot afford to move backward," he added.
Guterres' remarks came as President Donald Trump, a fervent ally of the fossil fuel industry, took office in the U.S.—the largest historical emitter—and moved immediately to expand oil and gas production, which was already at record levels.
The U.S. is among a number of rich nations working to build out fossil fuel infrastructure and ramp up production in the face of runaway warming and worsening climate destruction across the globe.
Intensifying climate chaos—and global elites' disproportionate contributions to the planetary crisis—spurred several protests inside and near the Davos forum this week, with activists demanding higher taxes on the mega-rich and a rapid, just transition to renewable energy.
A climate protester calls for taxes on the rich during the World Economic Forum gathering in Davos, Switzerland on January 21, 2025. (Photo: Halil Sagirkaya/Anadolu via Getty Images)
"It is more than obvious that the super-rich must pay their fair share," Clara Thompson, a Greenpeace spokesperson in Davos, said earlier this week. "Especially when they are among the largest contributors to the climate crisis."
"It shouldn't be the people, already struggling to make ends meet, who have to foot the bill and suffer the consequences of worsening climate impacts," Thompson added. "The scarcity narrative is simply not true—there is enough money to fund a just and green future for all but it is just in the wrong pockets."
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'A New Aristocracy': Billionaire Wealth Surged by $2 Trillion Last Year
"The capture of our global economy by a privileged few has reached heights once considered unimaginable," said the executive director of Oxfam International.
Jan 20, 2025
An Oxfam report published Monday shows that the combined wealth of the world's billionaires surged three times faster in 2024 than the previous year, rising by $2 trillion as efforts to combat global poverty remained stagnant.
The findings come hours before the U.S. is set to inaugurate President-elect Donald Trump, a billionaire whose campaign for a second White House term was backed by the world's richest man and whose proposed Cabinet is stacked with billionaires. The report was also released as business and political elites gathered in Davos, Switzerland for the annual World Economic Forum summit.
According to Oxfam, an average of nearly four new billionaires emerged every week in 2024, and billionaires saw their wealth grow by roughly $5.7 billion per day.
"The capture of our global economy by a privileged few has reached heights once considered unimaginable," said Amitabh Behar, Oxfam International's executive director. "The failure to stop billionaires is now spawning soon-to-be trillionaires. Not only has the rate of billionaire wealth accumulation accelerated—by three times—but so too has their power."
"The crown jewel of this oligarchy is a billionaire president, backed and bought by the world's richest man Elon Musk, running the world's largest economy," Behar added. "We present this report as a stark wake-up call that ordinary people the world over are being crushed by the enormous wealth of a tiny few."
"Untaxed billions of dollars in inheritance is an affront to fairness, perpetuating a new aristocracy where wealth and power stays locked in the hands of a few."
Oxfam's new report—titled Takers, Not Makers—estimates that 36% of billionaire wealth is inherited and 18% stems from monopoly power accrued by corporate behemoths such as Amazon. Every billionaire under the age of 30 inherited their wealth, according to Oxfam.
Another 6% of global billionaire wealth can be attributed to "crony sources" such as "lobbying, funding political campaigns, and creating revolving doors between the private sector and civil service," the new report finds.
All told, "most billionaire wealth is taken, not earned—60% comes from either inheritance, cronyism and corruption, or monopoly power," the report estimates.
"The ultra-rich like to tell us that getting rich takes skill, grit, and hard work. But the truth is most wealth is taken, not made," said Behar. "So many of the so-called 'self-made' are actually heirs to vast fortunes, handed down through generations of unearned privilege. Untaxed billions of dollars in inheritance is an affront to fairness, perpetuating a new aristocracy where wealth and power stays locked in the hands of a few."
If current trends persist, Oxfam estimates that the world is on track to see at least five trillionaires within a decade.
"Last year we predicted the first trillionaire could emerge within a decade, but this shocking acceleration of wealth means that the world is now on course for at least five," said Anna Marriott, Oxfam's inequality policy lead. "The global economic system is broken, wholly unfit for purpose as it enables and perpetuates this explosion of riches, while nearly half of humanity continues to live in poverty."
In the face of such staggering wealth accumulation at the very top, Oxfam called on governments to abolish tax havens, tax the inheritances of the ultra-rich, more strictly regulate corporations to "ensure they pay living wages and cap CEO pay," and provide debt relief to economically struggling nations to "end the flow of wealth from South to North."
"Taken together, today's levels of extreme wealth concentration are based not on merit," said Oxfam. "These are takers, and not makers."
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