In 2023, we have an unmissable view of that intersection of wealth and politics. An astounding 74 of the world’s 2,027 billionaires currently hold executive or legislative posts in governments around the world. This statistic underscores a shocking reality—billionaires are 4,000 times more likely to be elected to public office. By comparison, the average citizen has just a 0.0009% chance of making it into government.
The US more than doubles its closest competitor, China, which is home to just 625 billionaires. Their combined fortunes increased by $2.5 trillion last year, for an eye popping total of $18.3 trillion. This rise is especially notable. This is nearly double the wealth of 4.1 billion people combined—the bottom 70 percent of the global wealth distribution. The combined wealth of our 735 U.S. billionaires increased at three times their five-year pre-pandemic average rate.
Despite this unprecedented growth, nearly half of the world’s population, approximately 3.8 billion individuals, lived in poverty as of 2022. Based on Oxfam’s research, the pace of poverty reduction around the world has come to a standstill, no faster than the rates seen in 2019. The findings reveal an alarming disparity: two-thirds of the wealth accrued by billionaires could potentially alleviate global poverty for an entire year.
The state of American politics today is a prime example of the corrupting and corrosive power of money over our democracy.… Donald Trump has assembled perhaps the most affluent cabinet in modern American history. It’s full of hand-picked billionaires and multimillionaires who are already in charge of other, major government agencies. “A billionaire-led administration has pushed a pro-billionaire agenda that has taken the US to the brink of extremes in terms of inequality,” stated Rebecca Riddell from Oxfam.
Looking forward, the U.S. is on the verge of having our first trillionaire. And experts say that the self-ascribed “technoking’s” fortune might exceed $1 trillion by the next Davos jamboree in 2026. This staunch expectation depends on his longterm monetary success. All together, U.S. billionaires own a nearly $8 trillion fortune.
The unrivaled concentration of wealth in the hands of a tiny number of billionaires is deeply worrisome for democracy and equitable representation. Riddell emphasizes the need for change: “Curbing inequality, curbing the power of the very richest and promoting the power of ordinary people are really key ways to both reduce inequality but also promote democracy.”