Takers, Not Makers

While ordinary people struggle, billionaires thrive

Daily life is a struggle for billions of people. Recent years have seen one crisis after another: economic crisis, inflation, conflict and an escalating climate crisis. All of which further fuel poverty, hunger and inequality. 3.5 billion people live below the World Bank's poverty line of $6.85 a day. In Sweden, nearly half a million people are in absolute poverty according to Statistics Sweden. The truth is that we now live in a world where we are 100 years away from eradicating poverty while we will see the world's first 5 dollar billionaires in a decade. 

→ 1 in 10 women in the world live in extreme poverty - But the billionaires had a record year

Although global poverty levels have declined overall, 44% of the world's population lives in poverty. In contrast, the world's dollar billionaires became $2 trillion richer in 2024, a growth in wealth that was three times faster than the year before. (One trillion = 1000 billion). Sweden stands out with over 40 dollar billionaires who together own over SEK 1 733 billion, well above the EU average. While people are still suffering from the pandemic, with insufficient wages, unpayable debts and high food prices, billionaires are thriving.

→ Wealth is not earned, it is taken

We live in a system that rewards the already rich, while people in low- and middle-income countries continue to work without sharing the benefits. Colonial patterns permeate the financial system, from who benefits in the global economy to who has the power to set the rules of the game.

Some billionaires' wealth is the result of historical and contemporary exploitation and inheritance. In 2023, $921 billion was extracted from the Global South to the Global North via the financial system and all billionaires under 30 have inherited their wealth. Wealth flows from the Global South to the Global North.

Inequality is not a law of nature

If we reduce inequality, poverty can be fought 3 times faster

The world does not have to be like this, to break global patterns of inequality Oxfam puts forward several recommendations:

Tax the richest!

The income and wealth of the richest should be taxed; effective taxation can radically reduce inequality while generating funding for public services. Internationally, the G20 should continue and step up its efforts to develop an international standard for the taxation of the richest.

Radically reduce inequality!

Introduce a global inequality target to reduce the gap between the global North and South, including that the income of the world's richest 10% should not exceed that of the 40% with the lowest income. In addition, national targets to reduce extreme wealth should be introduced.

Write off the debt!

Many low- and lower-middle-income countries are hard-pressed by huge sovereign debts, forcing them to transfer significant resources to debt payments, both foreign and domestic. The international community, through international financial institutions such as the IMF and the World Bank, should prioritize debt restructuring and debt relief.