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Billionaires have more money and political power than ever, Oxfam says

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Billionaires have more money and political power than ever, Oxfam says

Charity says superrich 4,000 times more likely to hold political power than others, and own all social media companies, in report released to coincide with the opening of the WEF’s annual meeting in Davos.

International aid organisation Oxfam has released its annual report on rising inequality, expressing concern that billionaires are not only wealthier than ever but are also cementing their control over politics, media and social media.

The report released on Sunday also underscored the widening chasm between the haves and have-nots in a world beset by conflicts and multiplying protests.

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According to Oxfam’s analysis, the collective wealth of billionaires surged by $2.5 trillion in 2025, almost equivalent to the total wealth held by the bottom half of humanity, or 4.1 billion people.

Last year was also the first time that there were more than 3,000 billionaires in the world, and the first time that the world’s richest person, Elon Musk, had more than half a trillion dollars.

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The charity’s annual report on rising inequality was released to coincide with the opening of the World Economic Forum’s annual meeting in Davos, Switzerland, a meeting which hosts close to 1,000 of the world’s richest people together with political leaders, alongside a handful of invited activists each year.

The theme of this year’s meeting is A Spirit of Dialogue. However, Oxfam argued in its annual report that the superrich are increasingly controlling the means of communication, including both traditional and newer forms of media.

It cited examples of Jeff Bezos, the billionaire owner of Amazon, buying The Washington Post, Musk acquiring Twitter/X, Patrick Soon-Shiong taking over the Los Angeles Times newspaper and far-right billionaire Vincent Bollore owning France’s CNews.

“The outsized influence that the superrich have over our politicians, economies and media has deepened inequality and led us far off track on tackling poverty,” said Oxfam International Executive Director Amitabh Behar.

“Governments should be listening to the needs of the people on things like quality healthcare, action on climate change and tax fairness,” Behar added.

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Oxfam also estimated that billionaires are 4,000 times more likely to hold political office than common citizens and cited a World Values Survey of 66 countries, which found that almost half of all people polled say the rich often buy elections in their country.

“The widening gap between the rich and the rest is at the same time creating a political deficit that is highly dangerous and unsustainable,” Behar said.

Demonstrators confront riot police during a protest against chronic cuts to electricity and water in Antananarivo, Madagascar, on September 30, 2025 [Mamyrael/AP Photo]

‘Lives are becoming unaffordable and unbearable’

Oxfam also noted that there were 142 significant antigovernment protests across 68 countries last year, which it said authorities typically met with violence.

“Governments are making wrong choices to pander to the elite and defend wealth while repressing people’s rights and anger at how so many of their lives are becoming unaffordable and unbearable,” Behar said.

According to the WEF, participants at this year’s Davos meeting include “nearly 850 of the world’s top CEOs and chairpersons” alongside political leaders, including United States President Donald Trump, Canadian Prime Minister Mark Carney, and Chinese Vice Premier He Lifeng.

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In addition to its political advocacy, Oxfam is also an aid organisation, delivering humanitarian assistance in countries around the world.

The group repeatedly sounded the alarm about forced starvation in Gaza under Israel’s genocidal war and was one of 37 international aid groups banned from the Palestinian enclave by Israel late last year.

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Video: A Death at the Epicenter of Ebola

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Video: A Death at the Epicenter of Ebola

new video loaded: A Death at the Epicenter of Ebola

Our chief Africa correspondent, Declan Walsh, reports from the epicenter of the Ebola outbreak on how families, medical workers and local volunteers are grappling with losses of life.

By Declan Walsh, Estelle Caswell, Thomas Vollkommer and Arlette Bashizi

June 3, 2026

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US ally Kuwait condemns ‘brutal and ongoing Iranian attacks’ after airport was hit

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US ally Kuwait condemns ‘brutal and ongoing Iranian attacks’ after airport was hit

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Kuwait decried Iranian attacks in a statement issued by its foreign affairs ministry, saying that the Kuwait International Airport had been targeted.

“The Ministry of Foreign Affairs expresses the State of Kuwait’s condemnation and denunciation, in the strongest terms, of the brutal and ongoing Iranian attacks using ballistic missiles and drones, the latest of which occurred at dawn today, targeting once again civilian and vital facilities, including Kuwait International Airport, resulting in the death of one individual, injuries to others, and damage to vital facilities, including diplomatic missions,” part of the statement declared, according to a translation of the Arabic-language post on X.

Kuwait’s Ministry of Defense spokesperson had indicated that a building at Kuwait International Airport was damaged and people were injured, according to a post on X by the official account of Kuwait Army general staff headquarters.

IRANIANS SPEAK OUT OVER POSSIBLE TRUMP-REGIME DEAL

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People are seen at Kuwait International Airport in Kuwait City, Kuwait, on June 1, 2026. (Jaber Abdulkhaleq/Anadolu via Getty Images)

“The Official Spokesman for the Ministry of Defense, Brigadier General Saud Abdulaziz Al-Otaibi, stated that a number of hostile drones targeted today the passenger building (T1) at Kuwait International Airport as a result of the criminal Iranian aggression, which resulted in significant material damage to the building and injuries to a number of individuals, who received the necessary medical care,” according to a translation of the Arabic-language post.

“He affirmed that the armed forces are monitoring the situation in coordination with the relevant authorities, and they are in a state of complete readiness to deal with any developments, and to take all necessary measures to preserve the security of the country and its stability,” the post added.

The Iranian hostilities come more than three months since the start of the U.S. war against the Islamic Republic.

In a Tuesday statement, U.S. Central Command (CENTCOM) indicated that America had engaged in “self-defense strikes” against Iran.

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US MILITARY ATTACKS IRAN IN ‘SELF-DEFENSE STRIKES’ OVER WEEKEND

Imam Sadiq (AS) mosque with a giant Iranian flag installed on its front at the Palestine Square in Tehran on April 19, 2026. (ATTA KENARE / AFP via Getty Images)

“U.S. forces successfully defeated multiple Iranian ballistic missiles and drones, and conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East, June 2. Iran launched several ballistic missiles toward regional neighbors; however, all failed to hit their intended targets. Two Iranian missiles fired at Kuwait fell short or broke apart enroute, and three missiles launched at Bahrain were immediately intercepted by U.S. and Bahrain air defense forces,” the release noted.

“Moments earlier, U.S. Central Command (CENTCOM) forces shot down three one-way attack drones launched by Iran toward civilian mariners that were rightfully transiting regional waters. American forces also conducted self-defense strikes on an Iranian military ground control station on Qeshm Island. No U.S. personnel were harmed. CENTCOM forces remain vigilant and ready to defend against unwarranted Iranian aggression during the ongoing ceasefire,” the statement added.

TRUMP INSISTS IRAN TALKS ARE ON, SAYING DEAL IS ‘NOT A SIMPLE THING’

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Secretary of War Pete Hegseth listens as Adm. Brad Cooper, commander of U.S. Central Command, speaks during a press briefing at the Pentagon on April 16, 2026, in Arlington, Va. (Alex Wong/Getty Images)

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CENTCOM noted in a post on X that, “An additional wave of Iranian drones attempting to attack U.S. forces in Kuwait failed to impact intended targets tonight. U.S. Central Command air defenses successfully downed multiple drones and ensured no American personnel or assets were harmed.”

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EU launches major tech push to break US and China dependence

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EU launches major tech push to break US and China dependence

The European Commission has presented a sweeping package to boost homegrown technologies and reduce dependency on American and Chinese companies. Whether it will make a meaningful difference — and how the two superpowers will react — remain open questions.

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The EU imports most of its tech services and products from abroad. The digital market is dominated by US giants such as Google, Microsoft and Apple, and Chinese conglomerates such as Alibaba and TikTok-owner ByteDance.

“We live in a world where geopolitics and technology are inseparable. Those who champion technological innovation will shape the future, and we must ensure that Europe plays a leading role in this,” European Commission Executive Vice President Henna Virkkunen said.

The package seeks to boost Europe’s domestic tech sector, with a heavy focus on cloud infrastructure, AI services, open source and chips.

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In his landmark report on the languishing state of the European economy, former Italian Prime Minister Mario Draghi argued that most of the recent divergence in GDP growth between the EU and the US could be explained by digital technologies.

Having missed the first wave of the digital economy — the internet-driven services boom — Draghi warned that Europe’s last chance to rejoin the international tech race was not to be missed, namely the transformative potential of artificial intelligence.

While growing dependency on foreign technologies had been widely known among European decision-makers for decades, US President Donald Trump’s assertive trade agenda and China’s willingness to weaponise such dependencies have provided fresh momentum.

Will Brussels’ move be enough to shift the dial, or is it too little too late? And what will be the economic cost of severing deeply entrenched dependencies if the EU draws the ire of Washington and Beijing?

What’s in the package?

The main target of the European Commission’s proposal is the cloud sector, which provides the physical infrastructure underpinning most digital services. Amazon, Microsoft and Google account for 80% of the European market, with EU-based providers relegated to the margins.

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The draft law introduces four different levels of digital sovereignty that public authorities must consider when purchasing cloud services, depending on how sensitive the use case is.

The highest tier, covering sectors such as defence and healthcare, would effectively bar non-European companies from winning public contracts. The aim is to prevent a so-called “kill switch” scenario, the risk that a foreign government might simply cut off access to hospitals or fighter jets.

For MEP Axel Voss (EPP/Germany), the Commission’s approach is both bold and pragmatic. “Building genuine European cloud and AI sovereignty is overdue, and giving our providers a fair seat at the table in strategic public tenders is the right instinct,” he said.

Europe also needs to catch up on chips — the fundamental components at the heart of almost every electronic device. The most advanced chips, used to develop cutting-edge AI technologies, are designed in the US and produced in Taiwan or South Korea.

After the first Chips Act failed to significantly bring semiconductor factories back to Europe through state subsidies, the Commission is trying again — this time focusing on stimulating demand for European chips, on the assumption that supply will follow.

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Certain key sectors, such as automotive, will also be required to diversify their chip suppliers in certain circumstances, as part of a broader effort to reduce reliance on Chinese-subsidised producers accused of flooding the market through dumping.

Will it be effective?

The guiding principle of the initiative is AI — the transformative technology that, much like the internet before it, is reshaping the digital economy. Cloud data centres and chips provide the essential infrastructure for the next generation of AI.

Yet the AI market is dominated by the likes of OpenAI, Anthropic and DeepSeek. A European preference in lucrative defence contracts could serve as a lifeline for Mistral AI, the only EU-based company at the cutting edge of the AI race.

The EU lags significantly behind in data centre construction needed to meet expected demand for AI services in the coming years, held back by a mix of slow permitting, high energy costs and a scarcity of available land.

“Europe cannot regulate its way out of technological dependency,” MEP Matthias Ecke (S&D/Germany) told reporters. “It must build its own capacity, overcoming one-sided dependencies and restoring a genuine choice for businesses and consumers alike.”

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At the same time, the EU is set to join a US-led initiative, Pax Silica, to secure chip supply chains, in recognition that Europe cannot do without Nvidia chips in the short term.

That dependency could nonetheless prove self-perpetuating: regulators and rivals warn that Nvidia tends to build a closed ecosystem that is difficult to break away from.

Will there be a backlash?

The concept of technological sovereignty originated in French defence circles, rooted in the idea of developing an autonomous nuclear deterrent. The debate spilled over into digital technologies — given their dual-use potential — during Trump’s first term.

A stark wake-up call for EU policymakers came when, after the International Criminal Court issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu, the US administration sanctioned several ICC officials — cutting them off from American services woven into daily life, such as Visa, Amazon and Uber.

As Washington has grown more explicit about weaponising critical dependencies, concerns about retaliation against any treatment of US firms deemed unfair have mounted.

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Commission insiders, however, consider the US front largely pacified by the EU-US Turnberry agreement, which broadly favours the American side, and say the tone behind the scenes in recent weeks has been far more constructive than the public outbursts suggest.

On the China front, the tech sovereignty debate is just one thread in a far broader tapestry of strained relations between Brussels and Beijing, with discussions around a potential trade war reaching a fever pitch in recent weeks.

Both Washington and Beijing have weaponised strategic dependencies in what analyst Mark Leonard has called the Age of Unpeace. Yet neither superpower can afford to lose access to Europe’s main strength: one of the world’s largest and most lucrative markets.

Where is Europe headed?

In the complex chip value chain, Europe still controls critical chokepoints, most notably through Dutch company ASML, which holds a near-monopoly on the industrial machinery essential to chip production.

The package also includes a strategy to leverage open-source technologies, which could help the EU overcome its fragmented tech landscape — one that has yet to produce a company capable of directly competing with Silicon Valley’s giants with an integrated offering.

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Still, the lack of a scalable European single market and access to capital are frequently cited by European start-ups as the main reasons they move abroad — issues the Commission is attempting to address through the EU Inc. proposal and the capital markets union.

In short, the EU faces structural problems dragging its tech sector back. The sovereignty package addresses some of them while attempting to leverage Europe’s own strengths, conscious that complete autonomy in a globalised world is unrealistic.

For instance, Japan coined the concept of “strategic indispensability,” which emphasises controlling critical leverage points.

“The target is to achieve something visible by 2030,” Virkkunen said. “80% of technology is coming from outside Europe. We will not change that overnight.”

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