The world’s richest 1% increased their wealth by more than $33.9 trillion in real terms since 2015, reveals new Oxfam analysis ahead of the world’s largest development financing talks in a decade, in Seville, Spain. This is more than enough to eliminate annual poverty 22 times over at the World Bank’s highest poverty line of $8.30 a day. The wealth of just 3,000 billionaires has surged $6.5 trillion in real terms since 2015, and now comprises the equivalent of 14.6% of global GDP.
Oxfam’s new briefing paper, “From Private Profit to Public Power: Financing Development, Not Oligarchy”, launches today ahead of the June 30 fourth International Conference on Financing for Development, hosted by Spain and joined by over 190 countries.
Wealthy governments are making the largest cuts to life-saving development aid since aid records began in 1960. Oxfam analysis finds that G7 countries alone, who account for around three-quarters of all official aid, are cutting aid by 28% for 2026 compared to 2024. Whilst critical aid is cut, the debt crisis is bankrupting governments – 60% of low-income countries are at the edge of a debt crisis – with the poorest countries paying out far more to repay their rich creditors than they are able to spend on classrooms or clinics. Only 16% of the targets for the Global Goals are on track for 2030.
Oxfam’s new analysis examines the failures of a private investor-focused approach to funding development. A decade-long effort by major development actors to recast their mission as one of supporting powerful Global North financial actors has led in fact to a host of harms and at the same time only mobilized paltry sums. The analysis also looks at the role of private creditors, who now outpace bilateral lenders by five times and account for more than half the debt owed by low- and middle-income countries, in exacerbating the debt crisis with their refusal to negotiate and their punitive terms.
“Seville is the first major gathering of countries worldwide at a time that life-saving aid is being decimated, a trade war has started, and multilateralism being fractured – all in the backdrop of the second Trump administration. There is glaring evidence that global development is desperately failing because – as the last decade shows – the interests of a very wealthy few are put over those of everyone else,” said Amitabh Behar, Executive Director of Oxfam International.
What the World Bank described as a “billions to trillions” paradigm shift has been a boon for wealthy investors – the richest 1% own 43% of global assets – but now faces overwhelming evidence of failure, even according to former champions. Alarmingly, there is new momentum behind the idea of diverting the little aid that remains to private financial actors.
“Rich countries have put Wall Street in the driver's seat of global development. It’s a global private finance takeover which has overrun the evidence-backed ways to tackle poverty through public investments and fair taxation. It is no wonder governments are abysmally off track, be it on fostering decent jobs, gender equality, or ending hunger. This much wealth concentration is choking efforts to end poverty”, said Behar.
New Oxfam analysis shows that between 1995 and 2023, global private wealth grew by $342 trillion – 8 times more than global public wealth, which grew by just $44 trillion. Global public wealth – as a share of total wealth – actually fell between 1995 and 2023.
Oxfam is urging governments to rally behind policy and political proposals that offer a change in course by tackling extreme inequality and transforming the development financing system:
“Trillions of dollars exist to meet the global goals, but they’re locked away in private accounts of the ultra-wealthy. It’s time we rejected the Wall Street Consensus and instead put the public in the driving seat. Governments should heed widespread demands to tax the rich – and match it with a vision to build public goods from healthcare to energy. It’s a hopeful sign that some governments are banding together to fight inequality – more should follow their lead, starting in Seville”, said Behar.