The collective fortune of the world’s billionaires grew by roughly $10 billion per day during the first month of 2025 as billionaire Donald Trump took office in the United States, ushering in an administration that includes the world’s richest man and other elites hellbent on eviscerating government and delivering fresh tax breaks to the ultra-wealthy.
The new analysis of billionaire wealth was published Monday by the global #TaxTheSuperRich Movement, an alliance that is pressuring G20 nations to tax the mega-rich in order to stem destructive inequality and fund critical priorities, including badly needed climate action.
According to the analysis, global billionaire wealth surged by $314 billion total in January, which is “more than the combined wealth of the 2.8 billion people who make up the poorest third of humanity.”
The research, based on Forbes data, estimates that it would take a combined 15 million workers earning the average global income a full year to earn the same amount of money that around 2,800 billionaires added to their collective net worth last month alone.
“Extreme wealth isn’t just growing — it’s accelerating at breakneck speed, putting more and more power into the hands of a tiny few,” said economist Jayati Ghosh, a member of the Independent Commission for the Reform of International Corporate Taxation. “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.”
The #TaxTheSuperRich Movement includes dozens of advocacy organizations — from Oxfam to Amnesty International to the U.S.-based Patriotic Millionaires — that are calling on governments around the world to reach a global agreement to “tax the super-rich at rates high enough to reduce inequality, as well as mechanisms to end tax avoidance.”
The new analysis was released as G20 finance ministers gathered for a round of meetings in South Africa, which currently holds the G20 presidency.
Shortly after taking office, Trump moved to withdraw the U.S. — home to more billionaires than any other nation — from global tax deals and negotiations, including an OECD agreement calling for a minimum effective tax rate of 15% on the profits of multinational corporations.
Morris Pearl, chair of the Patriotic Millionaires, said Monday that “rising and extreme inequality threatens everything we hold dear: our democracies, our economies, our planet, and our broader society.”
“In our increasingly connected world, it is a global problem that requires global solutions,” Pearl added. “That’s why my group, Patriotic Millionaires, is proud to partner with over 50 international organizations in calling on G20 leaders to follow through with their commitment to cooperate in taxing the super-rich more effectively.”
Panama will take a big step towards ending its status as an offshore tax haven on Thursday by signing a multilateral convention to share foreign taxpayer details with other governments, the OECD’s
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), recently highlighted the challenges of regulating artificial intelligence (AI) and cryptocurrencies in the financial sector.
Major European banks that continue to do business in Russia paid the government four times more in taxes in 2023 than in the year before Moscow launched its full-scale invasion of Ukraine, the Financial
Various recent developments overseas have highlighted the growing risks of greenwashing, particularly in the context of financial services and the promotion of environmental, social, and governance