Billionaires' wealth hits new peak amid rising poverty, Oxfam says • FRANCE 24 English

Key Concepts

• Wealth Inequality: The widening gap between the richest individuals and the rest of the population.
• Inheritance Tax: Tax levied on the value of inherited assets.
• Effective Tax Rate: The actual percentage of income paid in taxes, considering deductions and credits.
• Zukman Tax: A proposed minimum tax on fortunes exceeding €100 million.
• Oxfam Report: An annual report detailing global inequality trends.

Global Wealth Concentration in 2025

In 2025, the world’s billionaires collectively reached a record high in wealth, increasing their holdings by $2.5 trillion. This surge in wealth is highlighted in Oxfam’s annual report, released on Monday, which warns of a growing global inequality crisis and a corresponding increase in the political and social influence wielded by the super-rich. The report directly links this wealth accumulation to increased polarization of income globally.

Inequality in France: A Stark Contrast

The income polarization described in the Oxfam report is demonstrably present in France. The report states that France’s 53 billionaires currently possess more wealth than the combined assets of 32 million French citizens – representing almost half of the country’s total population. This wealth concentration occurs simultaneously with a record number of people living in poverty in France, exceeding 11 million individuals.

A significant driver of this inequality is inheritance. Oxfam points out that, considering surviving children, over 300,000 euros could be allocated to each heir without incurring any inheritance tax. This is compounded by the fact that wealth in France is currently taxed at a significantly lower rate than labor income, prompting questions about the fairness of the tax system. Furthermore, half of the French population receives no inheritance at all, making it a crucial factor contributing to the widening wealth gap.

The World Economic Forum & Tax Disparities

Oxfam strategically released this report coinciding with the commencement of the World Economic Forum in Davos, Switzerland, a gathering frequently attended by many of the world’s billionaires. The report also criticizes the declining effective tax rate paid by the wealthiest 1%. The charity highlights the disparity, stating that a billionaire now pays a proportionally smaller percentage of their income in taxes than a nurse.

Oxfam’s Proposed Solutions & French Rejection of Tax Reform

In response to these findings, Oxfam advocates for increased taxation on the super-rich, with the generated revenue being redirected towards public services and programs. However, in France, a proposed minimum tax of 2% on fortunes exceeding €100 million – known as the Zukman tax – was rejected during the drafting of the 2026 finance Bill. This rejection demonstrates resistance to policies aimed at addressing wealth inequality through taxation.

Synthesis

The Oxfam report paints a concerning picture of escalating global wealth inequality, with France serving as a clear example of this trend. The concentration of wealth in the hands of a few, coupled with a declining effective tax rate for the richest and a lenient inheritance tax system, exacerbates the gap between the wealthy and the impoverished. While Oxfam proposes increased taxation as a solution, political resistance, as evidenced by the rejection of the Zukman tax in France, presents a significant obstacle to implementing such measures. The report underscores the urgent need for policy changes to address wealth inequality and ensure a more equitable distribution of resources.