A new report from the international charity Oxfam has revealed a stark increase in global wealth concentration, with the number of billionaires worldwide reaching a historic high of 3,000 in 2025. This surge coincides with a worrying expansion of economic inequality, raising alarms about the political and social influence of extreme wealth.
Unprecedented Wealth Concentration at the Top
According to the findings, the global billionaire population is growing at a rate that far outpaces general economic growth and the income gains of ordinary citizens. Oxfam estimates that this elite group now collectively commands a fortune exceeding $3.5 trillion. To illustrate the scale of this concentration, the report highlights that Tesla and SpaceX founder Elon Musk achieved the status of "the richest person in history" with an estimated net worth of around $500 billion.
The data shows that over the past few decades, the billionaire count has tripled, while their wealth accumulation has significantly outpaced global averages. A particularly striking statistic indicates that the world's 12 richest individuals now hold more than $500 billion, a sum greater than the combined wealth of the poorest half of the planet's population.
Inequality Intensifies Amid Economic Strain
Oxfam warns that this explosion in extreme wealth is happening against a backdrop of deteriorating economic conditions for millions of households globally. The organisation noted that inequality has accelerated in several countries over the last four years, fueled by persistent inflation, job insecurity, and inadequate social safety nets.
The report draws a direct link between vast wealth and political power, noting that billionaires are roughly 4,000 times more likely to amass fortunes large enough to outweigh the influence of millions of ordinary citizens. It points to nations like the United States, where the ultra-wealthy frequently leverage their resources to shape legislation, influence elections, and secure policies favourable to their interests, often facing little resistance due to weak regulations.
A Democratic Threat and a Call for Action
Oxfam issued a stern warning that such a heavy concentration of wealth poses a significant threat to democratic institutions. It can strain governance, marginalise opposing voices, and erode civil rights. The organisation echoed the famous caution from the late U.S. Supreme Court Justice Louis Brandeis, stating that democracy cannot survive alongside extreme wealth inequality.
The surge in billionaire numbers is framed as a symptom of deeper structural flaws in the global economy. Oxfam is urging governments worldwide to take urgent and decisive action to curb this extreme inequality. The goal is to ensure that economic growth leads to shared prosperity, strengthens social justice, and guarantees long-term democratic stability.
Nigerian Billionaires on the Global Stage
In related wealth rankings, six Nigerians were listed among the world's richest people on the Forbes billionaire list for 2025. The list is led by Aliko Dangote, Africa's wealthiest person, with a net worth of $24.4 billion. He is followed by Abdulsamad Rabiu ($7.2 billion) and Mike Adenuga ($6.2 billion). Others include Adebayo Ogunlesi ($2.5 billion), Femi Otedola ($1.5 billion), and Tope Awotano ($1.4 billion).
