Oxfam is calling for tougher taxation of the super-rich after reporting that global billionaire wealth hit $18.3tn in 2025, its “highest level” to date.

The total climbed by more than 16% in a year, around three times the average pace of the past five years, according to a study released as political and business leaders gather at the World Economic Forum (WEF) in Davos, Switzerland.

The organisation says billionaire fortunes have risen by 81% since 2020.

Over the same period, one in four people do not regularly have enough food and almost half of the world’s population live in poverty.

The report, titled “Resisting the Rule of the Rich: Protecting Freedom from Billionaire Power”, examines how extremely wealthy individuals are consolidating political influence to “shape the rules” of economies and societies for “their own gain” and to the “detriment of the rights and freedoms of people around the world”.

Oxfam links the recent acceleration in billionaire wealth to the US Trump administration, which it describes as pursuing a “pro-billionaire agenda”.

It says the administration has cut taxes for the richest households, “undermined” global attempts to tax large corporations, “reversed attempts” to address monopoly power and “contributed to the growth of AI-related stocks” that have been a “boon” to rich investors worldwide.

“His presidency has sent a clear warning sign to the rest of the world about the power of the ultra-rich,” the report says.

The charity calculates that billionaires’ combined assets increased by $2.5tn last year alone. It notes this is almost equal to the total wealth held by the poorest half of the global population, about 4.1 billion people.

 The gain would be sufficient to abolish extreme poverty 26 times over, the report claims.

The global billionaire population surpassed 3,000 for the first time last year, the report finds.

It also says Elon Musk “became the first ever to surpass half a trillion dollars” in personal fortune.

Oxfam estimates that billionaires are 4,000 times more likely than ordinary citizens to occupy political office.

Citing a World Values Survey covering 66 countries, it notes that almost half of those polled believe wealthy individuals often buy elections in their country.

“The widening gap between the rich and the rest is at the same time creating a political deficit that is highly dangerous and unsustainable.” said Oxfam International executive director Amitabh Behar.

Behar added: “Governments are making wrong choices to pander to the elite and defend wealth while repressing people’s rights and anger at how so many of their lives are becoming unaffordable and unbearable.”

The report says that one in four people worldwide face food insecurity and are regularly forced to skip meals.

It also warns that governments are allowing the super-rich to extend their grip over media and social media.

Oxfam says billionaires own more than half of the world’s largest media companies as well as all the main social media platforms.

Oxfam urged governments to “effectively taxing” the super-rich to curb their power, calling for broad-base income and wealth taxes set at levels aimed at reducing what it describes as “massive” inequality.

The organisation also advocates “stronger firewalls” between money and politics, including tighter rules on lobbying and on campaign finance by wealthy individuals.