Last week, while reading coverage of the World Economic Forum in Davos, I came across an interesting report launched at the event by Oxfam, an anti-poverty charity. What caught my attention wasn’t just another warning about inequality, but the argument that extreme wealth is increasingly shaping politics, media and public life — with effects that go far beyond economics.

The report found that billionaire wealth has risen by 81% since 2020, even as one in four people worldwide struggle to get enough to eat, and nearly half the global population lives in poverty. The number of billionaires surpassed 3,000 for the first time last year, a milestone that reflects policies, particularly in the US, that have increasingly favoured the ultra-wealthy.

Oxfam’s point is not only about the size of these fortunes, but how the super-rich are using their wealth to influence economic rules, political decisions and public narratives in ways that protect their own advantage.

One clear example is media ownership. Billionaires now control more than half of the world’s largest media companies and all major social media platforms, giving a small group huge power over which information is shared, which debates dominate, and whose voices are heard.

Media power is political power. When ownership is concentrated, so too is the ability to shape narratives, influence elections, and guide public opinion. Some argue that consolidating media ownership can improve efficiency and resources, possibly benefiting journalism. But the risk is that this control prioritises the views of a few, weakening broader democratic participation.

What is striking is that concern about extreme wealth is no longer limited to activists or campaigners. Nearly 400 millionaires from 24 countries, including Mark Ruffalo, Brian Eno and Abigail Disney, have signed an open letter calling on world leaders at Davos to tax the super-rich.

Their point is practical, not political: if extreme wealth is left unchecked, it can weaken democracy, divide society, and create long-term instability. When even those who have benefited most question the system’s sustainability, it shows that inequality is more than an economic problem. It is a political and social risk that governments cannot ignore.

The question now is unavoidable: if wealth keeps concentrating and influence keeps growing, who will ultimately decide the rules that govern our societies, the majority of citizens, or the richest few?