Billionaires and Oxfam Renew Calls for Wealth Tax Ahead of 2026 Davos Summit

As the 2026 World Economic Forum in Davos commences, renewed attention is focused on wealth inequality and the taxation of billionaires. Oxfam's recent reports reveal a record 3,000 billionaires worldwide, whose combined wealth surged to $18.3 trillion in 2025 — a 16.2% increase, outpacing the previous five years. This extraordinary accumulation contrasts starkly with slowed poverty reduction since the pandemic and highlights a deepening economic divide. Notably, the 12 richest billionaires now possess more wealth than the poorest half of the global population, around four billion people.

Oxfam criticizes policies that have favored the ultra-rich, exemplified by former U.S. President Donald Trump's administration, which facilitated greater political and media influence by the wealthy, threatening political freedom. Oxfam's director, Amitabh Behar, warns that such disparities threaten rights and security for the majority and calls for taxing the ultra-wealthy and limiting their political funding power.

Simultaneously in France, discussions are underway around a proposed "Zucman tax"—a 2% annual levy on fortunes exceeding 100 million euros. Cécile Duflot, director of Oxfam France, has engaged with eight to nine French billionaires, many self-made, about this tax. While some are quietly open to increased taxation, none have publicly supported it, fearing public backlash. This contrasts with approximately 400 "patriotic millionaires," mainly from the U.S., who have publicly urged heavier taxation on the rich, citing rising inequality since the 1980s as a danger to democracy. Signatories such as Abigail Disney and musician Brian Eno emphasize that "when millionaires like us acknowledge that extreme wealth costs everyone else, it is clear that society is dangerously on the brink."

In sum, as global wealth concentration reaches historic heights, Oxfam and select wealthy individuals advocate for taxing the ultra-rich to curb inequality and political influence. Yet in France, while private willingness among some billionaires exists, public advocacy remains rare, reflecting social and political sensitivities. The 2026 Davos summit serves as a pivotal moment for these complex debates.