New wealth of top 1% surges by over $52.4 trillion since 2015 – enough to end poverty 22 times over, as Oxfam warns global development “abysmally off track” ahead of crunch talks

Oxfam condemns "private finance takeover" of development efforts, as over 3.7 billion people remain in poverty ten years after the Sustainable Development Goals were agreed. New Oxfam analysis unveils “astronomical rise in private wealth”. Between 1995 and 2023, global private wealth grew by $529 trillion – 8 times more than public wealth. Since 2015 Australia has cut its aid budget from 0.98% to 0.65% of the Federal Budget. Over the same period, Australian billionaire wealth has grown by 243%, or $450 billion in real terms. Oxfam analysis also shows governments globally are making the largest cuts to life-saving aid since aid records began. Aid cuts could cause 2.9 million more children and adults to die by 2030, from HIV/AIDS causes alone. Oxfam urges new strategic alliances to address inequality; urgently revitalize aid and tax the ultra-rich; and assert new “public-first” approach over private finance.