New 'oligarchy' under fire as elites descend on Davos
DAVOS

Demonstrators arrive for a protest ahead of the World Economy Forum in Davos, Switzerland, Sunday, Jan. 19, 2025.
A leading NGO warned yesterday 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 confab.
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 organization echoed similar language used last week by outgoing U.S. 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, each billionaire seeing their fortune increase by $2 million per day on average. And, according to Oxfam, five trillionaires could emerge in a decade.
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.
In the United States "we are in a situation where you can buy a country, with the risk of weakening democracy", said the head of Oxfam France, Cecile Duflot.
The world's three richest men will be at his 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.
Some 3,000 participants are expected at the Swiss ski village for the forum ending on Jan. 24, including 60 heads of state or government and more than 900 CEOs, for days of schmoozing and behind-the-scenes dealmaking.
A few hundred protesters blocked an access road to Davos on Sunday, holding banners reading "tax the rich" and "burn the system", and causing a traffic jam until police dispersed them.
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.