Billionaire fortunes have grown at a rate three times faster than the average annual rate in the previous five years since the election of Donald Trump in November 2024.1 Whilst US billionaires have seen the sharpest growth in their fortunes, billionaires in the rest of the world have also seen double digit increases. Actions of the of the Trump presidency, including the championing of deregulation and undermining agreements to increase corporate taxation, have benefited the richest around the world.

It is one thing for a billionaire to buy an enormous yacht or many luxury homes around the world. This excessive consumption can rightly be criticized in a deeply unequal world where the majority have very little. A world that can also not afford the carbon that comes with this
excessive consumption. But many others would reject this criticism, describing it as the politics of envy.

This phenomenon of the richest influencing and controlling politics is not new; it is familiar in countries in every part of the world. But events in the US in 2025 perhaps made this viscerally clear: in country after country, the super-rich have not only accumulated more wealth than could ever be spent, but have also used this wealth to secure the political power to shape the rules that define our economies and govern nations. At the same time, all over the world we are seeing an erosion and rolling back of the civil and political rights of the many; the suppression of protests; and the silencing of dissent. A century ago, the US Supreme Court Justice Louis Brandeis said, ‘We must make our choice. Either we can have extreme wealth in the hands of the few, or we can have democracy. We cannot have both.

This report is about that choice. How governments worldwide are making the wrong choice; choosing to defend wealth not freedom. Choosing the rule of the rich. Choosing to repress their people’s anger at how life is becoming unaffordable and unbearable, rather than redistributing wealth from the richest to the rest. It shows how the economically rich are becoming politically rich the world over, able to shape and influence politics, societies and economies. In sharp contrast, those economically with the least wealth are becoming politically poor, their voices silenced in the face of growing authoritarianism and the suppression of hard-won rights and freedoms.