Ahead of the Fourth International Conference on Financing for Development in Seville, Oxfam released the briefing paper From Private Profit to Public Power: Financing Development, Not Oligarchy. The headline finding is stark: the world’s richest 1% have grown their wealth by more than $33.9 trillion since 2015 — enough to eliminate global poverty 22 times over — while G7 governments are simultaneously making the deepest cuts to life-saving aid since records began, with cuts of 28% projected for 2026 compared to 2024. 

The paper sets out three demands: new strategic alliances against inequality, a “public-first” approach that rejects the Wall Street Consensus, and a total rethink of development financing — including taxing the ultra-rich, reversing aid cuts, and backing the UN tax convention. A new global survey released alongside the paper shows 9 in 10 people support taxing the super-rich to fund public services and climate action.