From TIME · Simmone Shah · · 1m 40s
The ultrarich emit 48 times more carbon than average Americans
A new Oxfam report shows the world's wealthiest 1% produce far more emissions than the poorest 3.5 billion, and are insulated from the climate crisis they create.
In brief
A new Oxfam report shows the world's wealthiest 1% produce far more emissions than the poorest 3.5 billion, and are insulated from the climate crisis they create. Oxfam reports the world's richest 1% produce more carbon emissions than the poorest 3.5 billion people, while remaining protected from climate disasters…
Ultrarich emit more than half of humanity
The world's richest 1%, about 8 million people earning an average of $442,000 a year, produce far more emissions than the poorest 3.5 billion, according to Oxfam.
The richest 0.1% emit 48 times more CO2
Someone in the richest 0.1% emits 48 times more CO2 than the average person in the U.S. over the course of a year, the report finds.
Private jets are the biggest emissions source
Private jets were responsible for 16 million metric tons of CO2 in 2025, equivalent to the annual energy use of over 2 million homes. The U.S. has 68% of all private jets.
Richest 1% caused 20% of global warming
The richest 1% are responsible for 20% of global warming since 1990, 20 times more than their share of the world's population, the report states.
Ultrarich are insulated from climate impacts
Those with lower incomes suffer most from climate disasters and extreme weather, often lacking funds to recover. Wealthy individuals live in safer locations or purchase private resources to ride out disasters.
“They are also insulated from the impacts of the climate crisis, and are profiting off of the disasters that they have created.”
Tax emissions to fund climate adaptation
Oxfam suggests taxing high-emitting luxury items like private jets and imposing windfall taxes on fossil fuel profits. These taxes could fund climate adaptation in vulnerable regions worldwide.
“Polluters need to pay for the harm that they've caused.”
The bottom line
Oxfam reports the world's richest 1% produce more carbon emissions than the poorest 3.5 billion people, while remaining protected from climate disasters they cause.
