Inequality worsens as billionaires add $10bn a day to fortunes in January

In January 2025, the wealth of the world’s billionaires surged by $314 billion, an increase of approximately $10 billion per day. This growth was more than the combined wealth of the 2.8 billion people who make up the poorest third of humanity.

According to a report from the #TaxTheSuperRich Movement, it would take 15 million workers earning the average global income an entire year to match the wealth added by these billionaires in just one month.

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Economist Jayati Ghosh, a member of the Independent Commission for the Reform of International Corporate Taxation, warned that the growing concentration of wealth is a major issue. She stated, “Extreme wealth isn’t just growing — it’s accelerating at breakneck speed, putting more and more power into the hands of a tiny few. 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.”

This dramatic rise in wealth comes at a time when inequality continues to widen. In July 2024, G20 finance ministers agreed to work together to ensure the super-rich pay fairer taxes. Since then, the world’s billionaires have added over $1 trillion to their wealth. However, there are growing concerns that this wealth boom is accelerating, putting more power into the hands of a small group of individuals and further deepening global disparities.

The rapid rise in wealth among the ultra-rich contrasts sharply with the conditions faced by many people globally. While billionaires see their fortunes grow at an extraordinary pace, millions of people live in poverty, with little opportunity for upward mobility. The gap between the wealthiest individuals and the poorest is widening, a trend that threatens global stability, economies, and societies.

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Over 50 international organisations, including Amnesty International, Greenpeace International, Oxfam, and Public Services International, have joined forces in the #TaxTheSuperRich Movement. These groups are calling for G20 governments to act on their commitment to tax the super-rich more effectively, urging them to agree on a global tax deal. The focus is on setting high tax rates for billionaires and implementing mechanisms to prevent tax avoidance.

Morris Pearl, chair of the Patriotic Millionaires, which is part of the movement, highlighted the global impact of rising inequality. He said, “Rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society.” He emphasised that inequality is a global issue and requires a global solution, with coordinated action from all nations to address it.

The call for fairer taxation of the ultra-wealthy is gaining traction, especially in the wake of a growing understanding of how extreme wealth consolidation harms society as a whole. In February 2025, several world leaders, including Pope Francis and South African President Cyril Ramaphosa, echoed calls for taxing the super-rich. Their joint message is clear: governments must take action to tackle the growing power of the oligarchs.