Number of World’s Billionaires Increases in 2025 as Economic Inequality Widens
- A report by Oxfam shows the global billionaire population rose to a record 3,000 in 2025
- The organisation estimates billionaires now control more than $3.5 trillion in wealth
- The report links rising billionaire wealth to increasing inequality and political influence
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The number of billionaires worldwide rose to a record 3,000 in 2025, raising fresh concerns about widening inequality and the growing influence of extreme wealth on politics and society, according to a new report by Oxfam.
Source: UGC
In the report, Oxfam said billionaires are being created at a pace that far exceeds global economic growth and income gains for ordinary people. It noted that Tesla and SpaceX founder Elon Musk became “the richest person in history” for the first time, with an estimated net worth of about $500 billion, highlighting the scale of wealth concentration at the top.
The organisation estimated that billionaires now collectively control more than $3.5 trillion, an amount it said surpasses the combined resources of billions of people around the world, The Sun reported.
According to Oxfam, the number of billionaires has tripled over the past few decades, while their wealth has grown much faster than global averages.
Economic inequality widens
The report warned that the rapid rise in extreme wealth is occurring alongside worsening economic conditions for many households. It said inequality has increased more quickly in several countries over the past four years than in earlier periods, driven by inflation, job insecurity and weak social protection systems.
One of the report’s key findings shows that the world’s 12 richest individuals now hold more than $500 billion, exceeding the combined wealth of the poorest half of the global population.
Oxfam also said billionaires are about 4,000 times more likely to accumulate wealth so large that it outweighs the political and economic influence of millions of citizens.
It linked the concentration of wealth to political power, noting that in countries such as the United States, billionaires often use their fortunes to influence legislation, shape elections and secure policies that protect their interests. The report added that weak regulations and limited accountability frequently allow the ultra-wealthy to expand their influence with little resistance.
Source: UGC
Concentration of wealth among few a threat to democracy
Drawing on historical trends, the organisation warned that heavy concentration of wealth can place democratic institutions under strain, marginalise opposition voices and weaken civil rights.
Oxfam echoed a long-standing warning by late US Supreme Court Justice Louis Brandeis that democracy cannot coexist with extreme concentrations of wealth.
The organisation said the surge in billionaire numbers reflects deeper structural imbalances in the global economy. It urged governments to take urgent action to curb extreme inequality and ensure that economic growth delivers shared prosperity, social justice and long-term democratic stability.
Meet 6 richest Nigerians in 2025
Legit.ng earlier reported that there are six Nigerians ranked among the world’s richest people on the Forbes billionaire list by net worth in 2025.
They are Aliko Dangote, who is the richest African with a networth of $24.4 billion, followed by Abdulsamad Rabiu with a networth of $7.2 billion, and Mike Adenuga, who is worth $6.2 billion.
Others are Adebayo Ogunlesi, worth $2.5bn, Femi Otedola ($1.5bn), and Tope Awotano ($1.4bn).
Source: Legit.ng
