Spanish billionaires earn in one day the same as a million workers

BarcelonaSpain's billionaires—the wealthiest people—earned an average of 77 million euros a day last year. This amount is equivalent to the earnings of one million workers. This is according to Oxfam Intermón's traditional report on inequality, published annually just before the start of the Davos summit.

In fact, the NGO asserts that The wealth of the richest people in the state increased last year by €28.3 billion, reaching a total of €197.5 billion, the highest level ever recorded. The wealth of this group of richest people increased at a rate of 13.6%, well above the growth of the Spanish economy, which was 2.9%. According to Oxfam, the number of billionaires in Spain increased by five people, reaching a total of 33 individuals—mostly men—who collectively possess the same wealth as 18.7 million Spaniards. In other words, just 33 people hold the same wealth as 39% of the population.

In fact, if we consider not those with more than €1 billion, but those with more than €20 million, the inequality is evident: 1% of the population in Spain holds almost 24% of the wealth, and the average 0.1% (not some 48,000 people) has increased its wealth since 2010 and now owns more than 10% of the total.

While "people are struggling," says Franc Cortada, director of Oxfam Intermón, "economic dynamism favors the very wealthy, but for millions of people it is becoming increasingly difficult to make ends meet or heat their homes." "Added to this harsh reality are the difficulties in accessing decent and affordable housing, which limits the dreams and projects of several generations who find refuge in narratives that assign blame and promise easy solutions based on every man for himself and a deceptive meritocracy."

The problem is not unique to Spain. Oxfam Intermón points out that this is happening everywhere. According to the NGO's data, last year the combined wealth of billionaires worldwide grew by 16%, three times the average of the last five years, reaching a combined net worth of $18.3 trillion. Oxfam highlights that while wealth is concentrated in the upper classes, almost half of the world's population lives in poverty, with an income of less than $8.30 a day, and 28% of the population suffers from food insecurity. "Billions of people continue to face avoidable hardships, such as poverty, hunger, or preventable diseases like tuberculosis, malaria, or measles, which continue to cause millions of deaths," the report emphasizes.

Trump's New World Order

The Oxfam report highlights that the intensification of wealth concentration coincides with the first year of Donald Trump's presidency. This "is a clear warning sign," the NGO emphasizes. It lists the following actions taken since the tycoon came to power: taxes for the super-rich have been reduced, progress on international taxation for large corporations has been blocked, attempts to curb the power of monopolies have been limited, and the stock market value of sectors such as artificial intelligence has been boosted among the very wealthy. Not only is inequality increasing, Oxfam Intermón indicates, but the wealthiest are also wielding increasing influence in politics. "The extreme concentration of wealth and the use of economic power as political power is no longer invisible or an open secret: it happens with total impunity, right before our eyes and in real time," asserts Franc Cortada. "On an international scale, this dynamic gives rise to a new world order in which not only the law of the strongest prevails, but also the law of the richest, above the freedoms and rights of the vast majority," it adds.

The report highlights some inequalities in the world: The number of billionaires increased last year. Their wealth amounts to $2.5 trillion, equivalent to the combined wealth of 4.1 billion people, highlighting that for the first time, a single individual—Elon Musk, owner of X and Tesla—surpassed $500 billion in net worth.

Furthermore, the report warns that this wealthiest minority is increasingly influencing politics and the media. It describes as "worrying" the fact that the super-rich are increasingly dedicating their wealth to controlling media outlets and social networks. "Billionaires are using their wealth and power to shape public opinion, influence public debate, and change the political course," the report states.They don't just buy yachtsThey even buy democracies, and fuel hate speech and political polarization, all to defend only their own interests,” he concludes.

As an example, he cites the purchase of Washington Post by Jeff Bezos; by Elon Musk's X network, Los Angeles Times by Patrick Soon-Shiong; or a significant part of The Economist by a group of billionaires. In France, he points out, the far-right tycoon Vincent Bolloré controls the CNews channel, and in the United Kingdom, three-quarters of the newspapers are owned by just four very wealthy families.