US President Donald Trump’s insurance policies specifically spurred the fortunes of the ultra-rich [File]
| Picture Credit score: REUTERS
US President Donald Trump’s insurance policies specifically spurred the fortunes of the ultra-rich, which jumped 16.2 p.c within the first 12 months of his second time period to $18.3 trillion, the NGO stated in a report launched annually forward of the Davos discussion board.
“Actions of the Trump presidency together with the championing of deregulation and undermining agreements to extend company taxation have benefited the richest all over the world,” Oxfam stated.
The world now has greater than 3,000 billionaires for the primary time, it added, with the highest 12, led by Tesla and SpaceX chief Elon Musk, having “extra wealth than the poorest half of humanity, or greater than 4 billion folks”.
More and more this cash is shopping for political energy, Oxfam stated, pointing specifically to tycoons’ shopping for newspapers and different media, similar to Musk’s takeover of X or the acquisition of The Washington Publish by Amazon’s Jeff Bezos.
“The widening hole between the wealthy and the remainder is on the similar time making a political deficit that’s extremely harmful and unsustainable,” Oxfam’s government director Amitabh Behar stated.
Trump will arrive with one of many greatest US delegations ever for the Davos convention, the place he’s anticipated to dominate an agenda formally billed as “A Spirit of Dialogue”.
Trump’s participation galvanised round 300 protesters who arrived in Davos on Sunday, many sporting masks of Musk or US Vice President JD Vance and holding fistfuls of euros.
Nathalie Ruoss of the Swiss Younger Socialists instructed AFP essentially the most highly effective folks on this planet make choices at Davos that affect everybody.
“They usually do it with no democratic legitimacy,” she stated, calling it “unacceptable” that the WEF welcomed “fascists like Donald Trump”.
For Oxfam, Washington’s determination to exempt US multinationals from an internationally agreed minimal tax fee of 15 p.c was a stark instance of ignoring rising inequality.
“In nation after nation, the super-rich haven’t solely gathered extra wealth than may ever be spent, however have additionally used this wealth to safe the political energy to form the foundations that outline our economies and govern nations,” it stated.
“Such energy offers billionaires a grasp over all our futures, undermining political freedom and eroding the rights of the numerous.”
Revealed – January 21, 2026 11:02 am IST
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