Issue 86 – 26, January 25th, 2026
Millionaire, Billionaires now Trillionaire
Billionaires' wealth increased a lot in 2025, reaching a record $18.3 trillion, which is over 16% more than the year before. Since 2020, their wealth has grown by 81%. This is happening while many people around the world are poor or don’t have enough food.
A new report says that the super-rich are gaining more power in politics and society to benefit themselves, which hurts ordinary people’s rights and freedoms. The rise in billionaire wealth happened partly because of policies that cut taxes for the rich and make it easier for them to get richer.
A recent Oxfam Report highlights some shocking facts:
The total wealth of billionaires grew by $2.5 trillion last year, enough to end extreme poverty 26 times.
There are now over 3,000 billionaires, and Elon Musk is the first to be worth more than half a trillion dollars, and on pace to reach a trillion shortly.
Billionaires are 4,000 times more likely to hold political office than regular people.
Many people believe that the rich often buy elections to stay in power.
Oxfam warns that the huge gap between the rich and everyone else is dangerous. It causes political problems and makes it harder for governments to help poor people. Many people face hunger, poverty, and lack of healthcare. Poverty levels have stopped improving since 2019.
The report also says that the super-rich control most of the world’s big media companies and social media platforms, which gives them even more influence. Their control often silences diverse voices, especially women and minorities.
Finally, Oxfam urges governments to do more to reduce inequality, such as taxing the rich fairly, protecting people's rights, and making sure politicians listen to ordinary people.
Many countries struggle to pay for healthcare, schools, and roads. A wealth tax could generate billions of dollars that governments can use to improve these services. This means better hospitals, better schools, and safer communities for all of us.
Many experts and organizations say that implementing a fair, progressive wealth tax is one of the best ways to create a more just society. Countries like France have debated bringing back a wealth tax to help fund public services and reduce inequality. If more nations adopt such policies, we can build a future where wealth is shared more equally, and democracy works for everyone, not just the super-rich.
Many billionaires use their money to influence elections and politics in ways that favor their interests. This can weaken democracy because ordinary people’s voices are drowned out. Billionaires will continue to buy influence, own media outlets, and control politics.
Meanwhile, millions of people will face poverty, hunger, and lack of access to essential services. Democracy will weaken, as the wealthy use their resources to stay in power and shape laws to protect their wealth.
A wealth tax is not about punishing success, it’s about fairness. It’s about making sure that the wealth created by society benefits everyone, not just elites. By taxing the ultra-rich more fairly, we can reduce inequality, fund vital public services, and protect democracy. Together, we can build a future where power and wealth are shared, not concentrated in the hands of a few.
A wealth tax is a special tax on the total value of what the super-rich own, like mansions, luxury cars, investments, and businesses. Instead of just taxing their income, it taxes their accumulated wealth. This helps ensure that the richest people contribute more to society.
When the rich pay their fair share in taxes, society becomes more equal. It also reduces their influence over politics and media, so leaders make decisions that benefit everyone, not just the wealthy few.
Without a wealth tax, the rich will keep getting richer while millions stay in poverty. Wealthy individuals will continue to buy influence, own media outlets, and shape laws to protect their interests. Democracy could weaken, and more people will face hunger, poor health, and lack of opportunity.
Read more - Resisting the Rule of the Rich | Oxfam International
Toronto’s New Luxury Home Tax
Starting in April 2026, Toronto will have a new tax on very expensive homes. This tax is called a “luxury home tax,” and it will only affect homes worth more than C$3 million.
The city council approved this new tax to help raise money for important city programs. Once it starts, the city expects to get an extra C$13.8 million each year.
For homes worth between C$3 million and C$4 million, the tax will go up from 3.5% to 4.4%. For the most expensive homes worth C$20 million or more, the tax will increase from 7.5% to 8.6%. This means owners of very expensive homes will pay more when they buy or transfer their property.
This additional tax sits on top of a different land transfer tax from Ontario, which is not changing. The new tax is only for Toronto homes.
City leaders say this tax is a way for the wealthiest homeowners to contribute more to the city. Mayor Olivia Chow said, “Those who can afford it, can pay it.”
City officials believe the extra money will help fund affordable housing and other city services.
This new luxury home tax is part of Toronto’s plan to make the city better for everyone,whether you own a home or rent an apartment.
Read more - Toronto city council approves hike in land transfer tax for luxury homebuyers | CBC News