The richest people on the planet are far more likely to be in power politically than everyone else, Oxfam’s annual inequality report found.

Some 74 of the world’s 2,027 billionaires held either executive or legislative government positions in 2023, giving them a 3.6% chance of holding office, according to Oxfam’s study, which was released Sunday. By contrast, the average global citizen had just a 0.0009% chance of holding office.

“This year’s report really shines a light on the relationship between political inequality and economic inequality,” said Rebecca Riddell, senior policy lead for economic justice at Oxfam America. “The fact that billionaires are 4,000 times more likely to hold office than you or I underscores just how much outsized power billionaires have.”

The Oxfam report, which draws on data compiled by Forbes and other sources, is timed to coincide with the kickoff of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the richest people and world leaders. Its release also comes as billionaire US President Donald Trump marks his first year in office.

Trump has assembled the wealthiest cabinet and team in modern American history, with multiple billionaires and multimillionaires leading government agencies. The administration, along with a Republican-led Congress, last year enacted a sweeping domestic policy package that included big tax cuts for the wealthy and historic cuts to the nation’s safety net program. In addition, Trump is attempting to strip union protections from a sizable share of the federal workforce, as well as dismantle consumer protection measures and corporate regulations.

“A billionaire-led administration has pushed a pro-billionaire agenda that has taken the US to the brink of extremes in terms of in terms of inequality,” Riddell said.

Oligarchy, however, is a global issue, she said. The report points out that the richest men in Argentina and Africa have close ties to Argentina’s president and Nigeria’s leader, respectively, which has led to tax breaks for their businesses.

Lucrative year

2025 was a prosperous year for the world’s billionaires.
Their wealth grew three times faster last year than the past five-year average, reaching a record $18.3 trillion, Oxfam found.