The world's richest 0.1 per cent, just eight million people, produce more carbon emissions through their consumption than the poorest 3.5 billion people combined, according to an Oxfam report released on 27 October 2026.
The report, Disaster Divide, also reveals that investments held by 1,000 billionaires were linked to 486 million tonnes of carbon dioxide-equivalent emissions in 2025. If those emissions came from a single country, it would be the world's 19th-largest emitter, Oxfam says.
Beyond the emissions gap, the research exposes another stark divide: who can afford to withstand climate disasters. As extreme weather destroys homes, livelihoods and food supplies, wealthier households can afford greater protection. Meanwhile, the disaster preparedness and recovery industry is projected to grow into a $92 billion-a-year market by 2029.
Oxfam's analysis, based on data from the Stockholm Environment Institute, shows that the richest 0.1 per cent generate more consumption-related emissions than the poorest 44 per cent of the world's population.
The disparity is even more striking on an individual level.
According to the report's 2023 estimates, the richest one per cent generated an average of 75.1 tonnes of carbon dioxide per person a year, compared with just 0.8 tonnes per person among the poorest half.
That means the wealthiest one per cent produced nearly 94 times more emissions per person.
Overall, they were responsible for 16.6 per cent of global consumption emissions, almost double the 8.4 per cent attributed to the poorest half.
And those figures do not account for the additional carbon footprint associated with corporate ownership and investment portfolios.
Private jets alone generated an estimated 16 million tonnes of carbon dioxide in 2025, according to Oxfam.
Each flight produced an average of 3.7 tonnes of carbon dioxide, roughly equivalent to the emissions generated by an average person over an entire year, based on the report's comparison.
Yet private jet travel is limited to an estimated 250,000 people worldwide, just 0.003 per cent of the global population.
Oxfam analysed the investments of 1,000 billionaires across 1,095 companies, finding that their ownership stakes were associated with 486 million tonnes of carbon dioxide-equivalent emissions in 2025.
That amounts to an average of 486,000 tonnes per billionaire, climbing to more than four million tonnes per person among the 100 largest emitters.
Drawing on S&P Global data, Oxfam further estimated that the investments were linked to $181 billion in annual environmental damage, underscoring the wider economic impact of emissions associated with billionaire-owned investments.
Extreme heat, changing rainfall patterns and disrupted harvests can drive up food prices, placing the greatest strain on families already struggling to afford basic necessities.
According to data cited in the report, food accounts for 38.6 per cent of household expenditure in lower-middle-income economies, compared with 29 per cent in upper-middle-income economies and just 15 per cent in high-income economies.
The report highlights the impact of extreme weather on cocoa production in West Africa in 2024, when prices surged by approximately 231 per cent year on year. It also points to weather-related disruptions in major coffee-producing countries.
While vulnerable communities struggle with the financial fallout from extreme weather, the global disaster-recovery market is expanding.
Oxfam cites forecasts indicating that the industry could grow from $70 billion annually to $92 billion by 2029.
Its new Rebuild and Destroy index tracks 217 companies involved in activities linked to climate-related damage, disaster preparedness and recovery.
According to the report, investment giants BlackRock and Vanguard hold stakes in 92 per cent of these companies, with combined holdings exceeding $1 trillion.
The findings highlight how major financial institutions are invested in businesses operating across multiple areas of the growing climate-risk economy.
Oxfam warns that low-income households are particularly exposed to the financial consequences of extreme weather, often lacking the resources needed to pay for insurance, relocation or reconstruction.
The report cites research indicating that flood-related deaths are seven times higher in countries with greater inequality.
It also estimates that emissions generated by the richest one per cent in a single year could contribute to 1.9 million additional heat-related deaths over time.
That figure is a modelled projection rather than a recorded death toll.
Oxfam is calling for stronger disaster protection and greater investment in climate adaptation, warning that without action, the world's most vulnerable communities will continue to shoulder a disproportionate share of the costs.
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