Davos (Switzerland) (AFP) – A leading NGO warned Monday of an emerging “aristocratic oligarchy” with massive political clout and primed to profit from Donald Trump’s presidency, as global elites descend on Davos for their annual gathering. The World Economic Forum kicks off in the Swiss Alpine resort on the same day as the presidential inauguration of Trump, who will not be in Davos but will make an online appearance later in the week.
Global charity Oxfam said in a report that Trump’s election win and tax-cut plans are a boon to billionaires, whose combined wealth already grew by another $2 trillion last year to $15 trillion. “Trillions are being gifted in inheritance, creating a new aristocratic oligarchy that has immense power in our politics and our economy,” Oxfam said in its traditional annual pre-Davos report on the super rich. The organisation echoed similar language used last week by outgoing US President Joe Biden, who sounded the alarm about an extremely wealthy oligarchy that “literally threatens our entire democracy.”
Oxfam pointed out that Tesla and X owner Elon Musk helped to bankroll Trump’s campaign. “The crown jewel of this oligarchy is a billionaire president, backed and bought by the world’s richest man Elon Musk, running the world’s largest economy,” said the charity’s executive director Amitabh Behar. “We present this report as a stark wake up-call that ordinary people the world over are being crushed by the enormous wealth of a tiny few,” Behar added.
The report, titled “Takers Not Makers,” found that 204 new billionaires emerged last year — almost four every week — to bring the total to 2,769. Total billionaire wealth grew three times faster last year than in 2023, with each billionaire seeing their fortune increase by $2 million per day on average. And, according to Oxfam, five trillionaires could emerge in a decade.
“This concentration of power in the hands of few with wealth, media, and governments backing them is unacceptable and we need to seriously address these questions,” Behar told AFP. “This is really about the future of our democracy.” The world’s three richest men will be at Trump’s inauguration: Musk, Amazon founder Jeff Bezos, and Mark Zuckerberg, whose Meta empire owns Facebook, Instagram, and WhatsApp. The tech trio is not expected in Davos, however.
While Trump will not be in Davos in person, his presidency will dominate discussions. His plans to impose trade tariffs, loosen regulations, extend tax breaks, and curb immigration will have far-reaching effects on the global economy. He has named hedge fund manager Scott Bessent as his Treasury secretary, while billionaire businessman Howard Lutnick will head the Commerce Department. Trump’s election “gave a huge further boost to billionaire fortunes, while his policies are set to fan the flames of inequality further,” Oxfam said.
Some 3,000 participants are expected at the Swiss ski village for the forum ending Friday — including 60 heads of state or government and more than 900 CEOs — for days of schmoozing and behind-the-scenes deal-making. Thousands of soldiers were deployed for security, with snipers posted on rooftops. Oxfam activists briefly blocked the access road to the Davos heliport on Monday. Another group threw green paint on the facade of an Amazon pavilion in the village, holding a sign saying “drop fossil subsidies.”
A few hundred protesters blocked a road leading to Davos on Sunday, holding banners reading “tax the rich,” causing a traffic jam until police dispersed them. “The WEF symbolizes how much power wealthy people like me hold,” said Austrian-German heiress Marlene Engelhorn, who gave away the bulk of her multi-million-euro inheritance to dozens of organisations working on social issues. “Because just because we are born millionaires, or because we got lucky once — and call that self-made — we now get to influence politicians worldwide with our political preferences,” she told AFP.
© 2024 AFP
