A new Oxfam report highlights rising global inequality, but here in Wales, we can create an economy that’s fairer for both – people and planet.
Imagine a Wales where every decision is made with the wellbeing of its people and the health of the planet at its core. A Wales where success isn’t just about money, but about the happiness and prosperity of its communities. This isn’t a distant dream, it’s a vision within our reach.
As we step into 2025, the world is facing vast inequalities. Our latest Oxfam report, Takers Not Makers, shows a shocking rise in billionaire wealth globally, while billions remain in poverty. The numbers are staggering. In 2024, billionaire wealth grew by $2 trillion, three times faster than the year before. In the UK alone, billionaire wealth increased by over £35 million ($44m) a day.
Last year, Oxfam predicted the world would see its first trillionaire within a decade. If current trends continue, there will be at least five trillionaires a decade from now. To illustrate the absurdity of it all, we calculated that if you stacked the wealth of the 50 richest billionaires in one-dollar bills, it would reach the moon.
But what of everyone else?
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Our global economy is working for billionaires, but not for the one in four people living in poverty in Wales, nor for the billions of people like them around the world.
The current trajectory – more billionaire wealth, widening inequality, and deepening poverty – is a dangerous cycle, one that guarantees more suffering for billions of people.
We need a shift in imagination from governments. And where better for it to start, than here in Wales?
In 2024, billionaire wealth grew by $2 trillion, three times faster than the year before. In the UK alone, billionaire wealth increased by over £35 million ($44m) a day.
Wales can lead the way
The grotesque concentration of wealth isn’t just a global issue; it affects Wales directly.
Wales has a long history of contributing to the wealth of the UK, especially during the Industrial Revolution. The coal mines and steelworks of Wales powered the engines of heavy industry, making owners rich while the workers and their communities were left to struggle.
Today, many of these communities still face the legacy of inequality and poverty. The scars of the pandemic are still with us in the form of unpayable debts, stagnating wages and far higher food prices, making day-to-day life a struggle for ordinary people.
This historical context makes it even more crucial for Wales to adopt a new way of thinking that addresses these deep-rooted issues, alongside other pressing issues, such as climate breakdown, while ensuring we don’t repeat the mistakes of the past.
With the 2026 Senedd election approaching, political debates are heating up. But beyond the promises and slogans, one thing is clear: whoever leads Wales next must embrace a bold new plan that prioritises people and the planet. This isn’t just a feel-good slogan, it’s a necessary shift to tackle the challenges we face and to create a fairer, more sustainable future for everyone.
A fairer economy for all
Too often, economic growth benefits the wealthy while leaving others behind. It’s time to
ensure that prosperity reaches everyone. That’s why the UK Government should be prioritising economic policies that bring down inequality and crucially, start supporting higher taxation on the super-rich. Huge sums of money could be raised to tackle inequality across all areas of the UK, including here in Wales and overseas, as well as providing crucial investment for our public services.
But there’s action we can take in Wales too: ensuring fair wages, good working conditions, and real opportunities for people across the country. Imagine a mother in Llandudno juggling the care of her children and elderly parents. She deserves affordable childcare, financial support, and recognition for her unpaid care work, which underpins our society but goes unacknowledged in traditional economic measures like GDP.
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In fact, GDP fails to capture so much of what truly matters. It doesn’t account for the 96 percent of care work in Wales that is unpaid, largely done by women. This hidden contribution props up our economy, yet it’s invisible in how we measure success. What if we shifted the focus? What if we measured success by how happy, healthy, and connected our communities are instead of just by how much money is made?
Protecting our planet for future generations
Wales is known for its breathtaking landscapes, from the rolling hills of Eryri to the vibrant coastlines of Swansea Bay. But these natural treasures are under threat from pollution and climate change. A new plan for Wales must prioritise protecting these resources and reducing our environmental impact. Clean air, renewable energy, and sustainable practices aren’t just for the future, they’re essential now.
However, moving to a green economy must be done fairly. Workers in traditional industries, like coal and steel, need new opportunities as we transition to renewable energy. This ‘just transition’ ensures that no one is left behind, creating a greener Wales while supporting families and communities.
In fact, GDP fails to capture so much of what truly matters. It doesn’t account for the 96 percent of care work in Wales that is unpaid, largely done by women. This hidden contribution props up our economy, yet it’s invisible in how we measure success.
Building a stronger, united Wales
Populism has grown in Wales, as it has around the world, feeding on fear and frustration. It offers easy answers to complex problems but often leads to division. Instead of falling for short-term fixes, Wales needs a unifying plan. By focusing on caring for people and protecting our planet, we can build a society that works for everyone. A fair economy and a sustainable environment aren’t just policies, they’re a shared vision that brings people together and leaves no one behind.
The challenges Wales faces are significant, but the opportunities are even greater. By embracing a plan that moves beyond outdated measures like GDP, invests in people, and protects the planet, Wales can lead the way in creating a fairer, more inclusive future.
The choice is ours: cling to the status quo, or step boldly into a future where everyone, and the planet we call home, can thrive. Let’s seize this moment to show what’s possible when a nation puts people and the planet first. A fairer, greener, united Wales is within our reach – if we choose it.
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