The world's richest people are profiting from both the causes and consequences of climate breakdown, according to research by Oxfam. The global equality organisation found that the richest 0.1% of the world's population are heavily invested in disaster preparedness, recovery and reconstruction, a market projected to grow from $70bn to $92bn annually by 2029. This dual benefit gives the planet's wealthiest individuals a financial incentive to delay or obstruct climate action, Oxfam says.
The scale of the disparity is stark. The richest 0.1%, representing 8 million people, are responsible for more carbon emissions than the poorest 3.5 billion combined. This group has contributed 125 times more than the average person to extreme heat events, according to the report. The source of these emissions comes partly from lifestyles such as private jet use, which release more carbon dioxide in two seconds than most people emit in an entire year. However, the biggest impact comes from their investments.
Oxfam's analysis identified 217 corporations that either fuel climate breakdown or profit from adaptation to it through provision of cooling devices, flood barriers, firefighting equipment, transportation, food, insurance and loans. Last year, these companies made an average of US$1.8bn and paid out $1bn in dividends to shareholders. Two major asset management firms, BlackRock and Vanguard, have shares in 92% of the companies in the index, worth more than $1tn combined. Food trading companies dominated by billionaires have seen their wealth increase by $120bn since 2020, with crises boosting profits. Oxfam cited a case where cocoa prices surged 231% after extreme weather in west Africa in 2024, with local farmers seeing none of the gains.
The consequences fall disproportionately on the world's poorest. The annual emissions from the richest 1% will cause 1.9m excess deaths due to heat, based on estimated impacts on human health, agricultural productivity and sea level rise, according to Oxfam's calculations. More than three-quarters of these deaths will occur in low- and middle-income countries, which produce only 8% of global emissions. Wealthy nations and individuals are insulated from the crisis because they can afford higher food prices, robust housing, emergency evacuation and private healthcare.
This inequality carries political consequences. Oxfam says the super-rich are less likely to use their lobbying power to support climate action and may actively slow or block emissions cuts affecting their wealth. Jean McLean, Oxfam's chief influencing officer, said the richest benefit twice: through continued investment in polluting industries and through investment in the adaptation economy. Alex Maitland, a lead author, called it deliberate orchestration: "When you take into account their political influence, this is pretty damning evidence that they're able to orchestrate what is happening."
Oxfam is demanding higher taxes on the rich, private jets, oil and gas companies and polluting corporations. The organisation called on the UK government to improve international climate financing commitments based on grants rather than loans and to end profiteering from climate disasters. Nafkote Dabi, climate change policy lead at Oxfam International, said addressing the crisis requires controlling the richest, curbing their power and emissions, and taxing their wealth.