How the wealthy undermine democracy
Global economic inequality continues to deepen, while the growing fortunes of the ultra-rich are increasingly translating into political influence that undermines democratic institutions, according to Oxfam study, Qazinform News Agency reports.
The study shows that in 2025, the wealth of billionaires grew on average times faster than over the previous five years. The combined wealth of this group reached a historic high, while the number of billionaires worldwide exceeded 3,000 for the first time.
The authors of the report note that this rapid accumulation of extreme wealth is taking place against the backdrop of stagnating living standards for a large share of the global population. One in four people worldwide faces moderate or severe food insecurity, while billions are forced to cut back on basic needs, including food, housing and healthcare.
The report emphasizes that economic inequality is increasingly turning into political inequality. The findings point to a direct link between income concentration and the risk of democratic erosion. Countries with high levels of inequality are significantly more likely to experience restrictions on civil liberties, weakening of judicial independence and manipulation of electoral processes.
Special attention is given to the political influence of the ultra-rich. “Such extreme economic inequality is deeply linked to political inequality. Billionaires are over 4 000 times more likely to hold political office than ordinary people,” the report says.
According to the authors, this dynamic contributes to the emergence of oligarchic models of governance, in which the interests of the majority are pushed into the background.
The study also highlights the growing role of the ultra-rich in controlling media and digital platforms.
“Over half of the world’s largest media and AI companies have billionaire owners. Nine of the world’s top ten media companies and eight of the top ten AI companies are controlled by billionaires. Just three billionaire-run companies command nearly 90 percent of the generative AI market,” the report notes.
The authors stress that the current situation is not inevitable. Among Oxfam’s key recommendations are stronger progressive taxation, limits on the political influence of large fortunes, protection of media independence and expanded opportunities for civic participation.
Earlier, Qazinform News Agency reported that Tesla and SpaceX founder Elon Musk became the first person in history whose fortune approached the half trillion-dollar mark.