Richest Top 1% Holds 43% of all Financial Assets – A Rough 33% of the Top 50 Corporations are Valued at $13.3 Trillion

A recent report by Oxfam reveals that the richest 1% of the global population holds more wealth than the bottom 95% combined. The study underscores the significant power billionaires exert over the world economy, with more than a third of the top 50 global corporations either being led by or majority-owned by billionaires. These corporations, valued collectively at almost $13.3 trillion, include major players such as Meta, founded by Mark Zuckerberg, and Amazon, led by Jeff Bezos.

The report raises concerns about how this immense concentration of wealth and power is hindering efforts to address urgent global challenges like climate change, poverty, and inequality. Oxfam warns that the ultra-wealthy and large corporations are exacerbating inequality both within and between nations, making it increasingly difficult to find collective solutions to these problems.

Amitabh Behar, executive director of Oxfam International, noted that the ability of institutions like the United Nations to address these crises is being weakened as billionaires continue to influence global decision-making. He stressed that the ultra-rich, along with the corporations they control, are manipulating international policies to advance their own interests at the cost of people worldwide.

According to the report, the top 1% now hold 43% of all financial assets globally. Additionally, just two companies dominate 40% of the world’s seed market, while three U.S.-based asset management giants—BlackRock, State Street, and Vanguard—control a staggering $20 trillion, representing nearly a fifth of all investable assets on the planet.

Behar further highlighted the role extreme inequality plays in undermining multilateral efforts. He pointed out that while geopolitical rivalries often dominate the narrative, the growing influence of the ultra-wealthy has significantly hindered progress on critical issues like tax reform, equitable distribution of COVID-19 vaccines, and resolving the burden of sovereign debt.

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