The richest people on Earth are more influential than ever, a new report has revealed. However, new estimates of the extent of their influence over the general public are staggering.
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People worldwide spend a combined 11.8 billion hours daily – equivalent to over one million years – consuming content on social media platforms founded by billionaires.
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Just six billionaires control 9 of the world's top 10 social media companies, giving them unprecedented influence over global information flow and public discourse.
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Billionaires are 4,000 times more likely to hold political office than ordinary citizens, with many believing the ultra-wealthy frequently buy elections in their countries.
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Billionaire-owned platforms amplify misinformation through profit-driven algorithms, while AI-generated content poses significant risks to political freedoms and democratic processes.
There are more than 3,000 billionaires in the world, and the wealth of the richest of them, Elon Musk, has surpassed half a trillion dollars. And yet, it's not rich people buying luxurious yachts or homes around the world that most people find bothersome.
“When a billionaire uses their wealth to buy a politician, to influence a government, to own a newspaper or a social media platform, or to out-lawyer any opposition to ensure their impunity from justice, these actions are inimical to progress and fairness. Such power gives billionaires a grasp over all our futures, undermining political freedom and eroding the rights of the many,” Oxfam’s annual inequality report titled Resisting the Rule of the Rich: Protecting freedom from billionaire power reads.
Billionaires are 4,000 times more likely to hold political office than ordinary people, the report estimates. Many people believe that they often buy elections in their own countries.
The report also emphasizes that rich people increasingly dominate the media and artificial intelligence (AI) landscape, as “9 of the top 10 social media companies in the world are run by just six billionaires.”
“Billionaire-owned media systematically neglect the interests of people living in poverty, women, and racialized groups,” the report reads.
Unfortunately, we have one recent, very vivid example of how billionaire-run social media abandons human values. Elon Musk's AI tool, Grok, spits out deepfaked nude images of women and children. Musk long resisted removing the image-generation feature, saying he doesn't believe in censorship.
The report raises alarming concerns that billionaires consolidate power over (social) media, “with single companies owning large swathes of the media that people consume.”
“Every day, people across the world spend 11.8 billion hours (over one million years combined) consuming content on social media platforms founded by billionaires.”
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In many countries, people believe that media owners often interfere with the outlet’s editorial independence.
The same problems extend to social media, where around one-third of people get their news.
“Misinformation and disinformation, either generated by humans or AI, are not only spread easily but are encouraged by algorithms to maximize profits. AI-generated content, especially images and videos, poses significant risks to political freedoms,” the report reads.
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