The world’s ambitious plan to end poverty and inequality is crashing, with a new Oxfam report showing that wealthy countries are slashing foreign aid while billionaires pocket trillions. Nearly half the world’s population—over 3.7 billion people—still live in poverty, a decade after countries agreed on the Sustainable Development Goals and the Addis Ababa Action Agenda to tackle global challenges, according to the research. Meanwhile, the richest 1 percent have gained at least $33.9 trillion in wealth since 2015, enough to end annual poverty 22 times over.
The numbers tell a stark story of misplaced priorities. G7 countries, which provide about three-quarters of all official aid, are cutting their assistance by 28% for 2026 compared to 2024—the largest cuts since aid records began in 1960. At the same time, roughly 3,000 billionaires have gained $6.5 trillion in real terms, more than the estimated $4 trillion annual cost needed to achieve the SDGs.
The debt crisis is making things worse. About 60% of low-income countries are in or at risk of debt distress, while middle-income countries face their highest debt burdens in 30 years. Private creditors now outpace bilateral donors by five times and hold more than half the debt owed by developing countries, creating a vicious cycle that blocks progress on basic services.
Oxfam’s analysis tears apart the decade-long push to rely on private investors for development funding. This approach has “mobilized paltry sums” while causing significant harm, the report finds. Instead of helping poor countries build schools and hospitals, the focus on supporting wealthy financial actors has deepened inequality.
With only 16% of SDG targets on track for 2030, the report calls for a fundamental shift from private profit to public power in development finance. The current system isn’t just failing—it’s actively making global inequality worse while time runs out on the world’s most pressing challenges.
