Oxfam has released a report revealing that the wealthiest 1% globally has amassed $33.9 trillion in real terms since 2015. This wealth could end extreme poverty 22 times over, based on the World Bank’s $8.30 daily threshold. The report notes that approximately 3,000 billionaires have collectively increased their wealth by $6.5 trillion, representing 14.6% of global GDP. Oxfam argues that the disparity in wealth growth has outpaced poverty reduction efforts and highlights the steep cuts to development aid by wealthy nations. The report also notes a significant gap between private and public wealth, with private wealth climbing by $342 trillion from 1995 to 2023, while public wealth rose by only $44 trillion. Additionally, Oxfam warns that over half of the poorest countries face a debt crisis, with many diverting funds from essential services to debt repayment.