How soaring wealth inequality in Ireland is reshaping society and testing public trust

DCM Editorial Summary: This story has been independently rewritten and summarised for DCM readers to highlight key developments relevant to the region. Original reporting by The Irish Times, click this post to read the original article.

Oxfam’s latest annual report reveals a striking global wealth imbalance: just 12 of the world’s richest individuals now own more wealth than half of the entire global population. Released ahead of the Davos summit, the analysis highlights how economic inequality has become increasingly extreme, contributing to the rise in populist sentiments. In Ireland, for instance, the top 11 billionaires hold more than €43 billion—equivalent to the combined wealth of roughly 85% of Irish adults. Many of these ultra-wealthy individuals don’t even live in the country full-time.

You’re likely noticing how wealth seems to build upon itself. Oxfam argues that the wealthy naturally gain greater political and policy power, further reinforcing their economic advantage. This dynamic exposes the flaws of “trickle-down” economics, which suggests that economic growth will eventually benefit everyone. In reality, particularly in countries like the United States, wealth keeps flowing upward, and the gap between rich and poor widens.

Taxation plays a key role in correcting this imbalance. You might agree that applying fair taxes on wealth could help reduce inequality. The challenge, however, lies in applying these tax laws effectively on a global scale. While some international cooperation exists among tax authorities, billionaires and large corporations still find ways to avoid taxes through offshore accounts and legal loopholes.

Although some wealthy individuals make charitable donations, Oxfam argues it’s not enough. Paying taxes like everyone else would do more for the public good. In the U.S., where billionaires are gaining more influence under authoritarian-leaning leadership, you can see democracy being overshadowed by oligarchy. With control over major media and information channels, the billionaire class now has another tool to sway governments—and there’s no indication their wealth accumulation will slow anytime soon.