The latest figures from the 2025 UBS Global Wealth Report confirm a fact that many of us live every day but are rarely encouraged to fully name: the world is not merely unequal; it is grotesquely and systemically so. Just 1.6% of the world’s adult population now controls 48.1% of all personal wealth. That amounts to about 60 million individuals holding $226 trillion in net worth, while the bottom half of the global population – nearly four billion people – share less than 1% of all personal wealth. This is not a failure of the system. It is the system.
In capitalist mythology, wealth is presumed to be the natural outcome of hard work, innovation, or risk-taking. But the sheer scale of this concentration defies any such moral logic. We are not talking about millionaires flourishing due to their talent or thrift. We are dealing with a global oligarchy, a structure of domination so entrenched that it renders the daily struggles of most of the world’s population invisible or irrelevant in the eyes of power. To make sense of this arrangement, we must strip away the illusions of meritocracy, reform, and nationalist development, and instead see capitalism for what it is – a machinery for the extraction and concentration of wealth, backed by state violence, debt coercion, and ideological mystification.
This article is based on the findings presented in Michael Roberts’ summary of the Global Wealth Report . We argue that wealth inequality is not a by-product of mismanagement or corruption, but the predictable and necessary outcome of capitalist property relations. Any attempt to “redistribute” wealth within the bounds of existing state and market frameworks is doomed to fail, not because redistribution is impossible, but because capitalism requires inequality as its central organising principle.
Capitalist Accumulation and the Architecture of Inequality
The UBS report maps what it calls the “global wealth pyramid”, an illustration of class war from above. According to the data, 82% of the world’s adults, 3.1 billion people own just 12.7% of global wealth, placing them in the “middle and lower strata” of the pyramid. At the same time, the top 18.2% (680 million people) control a staggering 87.3% of all personal assets. This means that the vast majority of human labour, time, care, creativity, and sacrifice is ultimately converted into value that benefits an elite minority.
In Roberts’ summary, he rightly highlights the role of financial assets, stocks, bonds, derivatives, in driving inequality. This reflects a deeper shift in capitalism since the 1970s – a movement from industrial capital to financial capital, from the factory floor to the stock exchange, from exploitation through production to exploitation through speculation. In 2024 alone, global financial wealth grew by 6.2%, while real property wealth grew by only 1.7%. In other words, the rich got richer simply by owning the instruments of capital, while the rest of us slogged through stagnant wages, debt burdens, rising rents, and environmental collapse.
This is not wealth as most people understand it, homes, savings, or personal security. It is wealth as control, over markets, states, livelihoods, and futures. It is wealth as a weapon.
The Geography of Exploitation
The global wealth distribution also exposes the regional dimensions of capitalist inequality. North America and Eastern Europe saw the largest increases in wealth last year, while Latin America, Oceania, and Western Europe experienced declines. On average, a North American adult holds almost six times more wealth than a Chinese adult, twelve times more than someone in Eastern Europe, and nearly twenty times more than a Latin American adult.
But regional averages obscure class dynamics. The top 1.6% of wealthy individuals are scattered globally. They may reside in different countries, but they inhabit the same class – a transnational bourgeoisie whose loyalty is to capital, not community, and whose interests are preserved through military alliances, trade agreements, and international financial institutions. Whether they are oligarchs in Moscow, bankers in Zurich, tech moguls in San Francisco, or real estate tycoons in Auckland, they benefit from the same underlying system of dispossession.
This is why appeals to “national development” or “economic patriotism” ring hollow. No nation, however rhetorically independent, can insulate itself from the logic of accumulation without fundamentally breaking with capitalism itself. The wealth gap is not merely between the Global North and South, but between owners and non-owners, between capital and life.
Debt, Discipline, and the Myth of Opportunity
Roberts’ figures focus on net worth – assets minus liabilities – but the centrality of debt to the global wealth system deserves sharper attention. For the majority of the global population, debt is not a tool of investment, but a mechanism of control. People borrow to survive, to pay rent, buy food, access healthcare, get an education. Meanwhile, the wealthy use debt as leverage, a way to multiply their capital, avoid taxes, and speculate with other people’s futures.
Debt enforces discipline. It ensures compliance, obedience, and docility. A person in debt cannot strike. A person in debt cannot relocate, protest, or say no to exploitation. Debt is the modern chain, and it binds workers as surely as any physical shackle.
Moreover, the capitalist system sells the myth that upward mobility is possible for anyone who works hard enough. But the wealth data makes clear that mobility is the exception, not the rule. Capital begets capital. The rich have access to compound interest, diversified portfolios, and tax havens. The poor have payday loans, rising rents, and wage theft.
This isn’t just about inequality. It’s about entrapment.
State and Capital: Partners in Plunder
It would be naïve to assume that this wealth concentration occurred in a vacuum, or in spite of governments. In reality, states are key partners in the preservation and expansion of capitalist inequality. Through tax cuts for the rich, bank bailouts, privatisation, austerity, and militarised policing, governments in both liberal democracies and authoritarian regimes ensure that the rules remain stacked in favour of capital.
Even where progressive reforms are introduced,welfare programs, wealth taxes, public housing, they are often eroded over time, captured by elites, or restricted by legal frameworks designed to protect private property above all else.
This is not accidental. The capitalist state does not exist to serve “the people.” It exists to guarantee the conditions necessary for capital accumulation, and to suppress any serious threats to that accumulation. Courts, police, prisons, and parliaments are not neutral institutions, they are class instruments. Their primary role is to maintain the legitimacy and smooth functioning of capitalist rule, even when dressed in democratic robes.
Beyond Redistribution: The Case for Abolition
Faced with such staggering inequality, liberal reformers often call for redistribution through wealth taxes, basic income, progressive taxation, or stakeholder capitalism. While some of these policies might alleviate immediate suffering, they ultimately leave the core structure of exploitation intact.
Redistribution assumes that the problem is one of outcomes, not origins. But the problem is ownership itself, the private ownership of the means of life. As long as housing, health, education, energy, land, and information are privately owned and controlled, then wealth will continue to flow upward, no matter how clever the tax code.
What we need is not redistribution, but abolition. We must dismantle the structures, legal, financial, and ideological, that make it possible for one person to own the labour and life of another. This means expropriating landlords, cancelling debt, eliminating inheritance, and building new systems based on cooperation, mutual aid, and horizontal decision-making.
It also means rejecting the illusion that states can deliver liberation. History shows us that even leftist governments, when operating within the capitalist framework, become tools of compromise and co-optation. True emancipation must come from below through direct action, popular assemblies, federated communes, and mass refusal.
Imagining the World to Come
The figures from the UBS report are chilling, but they also reveal the cracks in the system. If a tiny elite can hoard nearly half the planet’s wealth, then that wealth is not invincible. It is vulnerable. It is located. It can be seized, reappropriated, and transformed.
The path forward is not easy. It requires organisation, courage, and solidarity across borders and identities. It requires rebuilding the social fabric shredded by decades of neoliberal atomisation. But it is possible.
Imagine a world where housing is a right, not an asset. Where energy is produced by cooperatives for need, not profit. Where no one is in debt for being sick, educated, or alive. Where care is collective, decisions are democratic, and wealth is measured not in dollars but in joy, security, and shared abundance.
Such a world cannot coexist with the wealth pyramid. It must be levelled — not just through policy, but through revolution.
Michael Roberts’ analysis of global wealth inequality confirms what anarcho-communists have long known: capitalism is not broken; it is working exactly as intended. It creates wealth for the few by extracting value from the many. It relies on debt, exploitation, and state violence to preserve this order. And it is incapable of delivering justice, equality, or freedom.
The only way forward is to dismantle the architecture of accumulation and replace it with systems rooted in solidarity, not scarcity; cooperation, not competition; freedom, not coercion.
The time has come to abolish the pyramid.