A new Oxfam report shows billionaire wealth hitting a record high, with the 12 richest individuals owning more than the bottom half of the global population, underscoring widening inequality.

The report highlights growing political influence of the ultra-rich, including their sway over policy, elections, and economic agendas through lobbying and funding that can crowd out ordinary citizens.

In Germany, the debate over wealth taxes intensifies, with the SPD proposing inheritance taxes in the millions and the Union opposing them.

(With inputs from agencies.)

Ahead of Davos, Trump travels with a large U.S. delegation and is expected to shape the forum’s agenda, officially titled 'A Spirit of Dialogue.'

Trump’s Davos appearance is paired with expectations that he will influence discussions at the gathering.

Other high-profile attendees include Ukraine’s President Zelenskiy, most of the G7 leaders, European Commission President von der Leyen, ECB President Lagarde, and about 850 business leaders worldwide.

Swiss activist Nathalie Ruoss argues that Davos’ power is exercised by those without democratic legitimacy, calling this situation unacceptable.

Oxfam proposes paths to a fairer future: fair progressive taxation, stronger anti-manipulation regulation, expanded financial education, and exploring decentralized governance to broaden power.

High inequality countries are more prone to democratic backsliding, including rule-of-law erosion and compromised elections.

The G20 summit discussions stress global concern about inequality and consider an international panel to address it as a democratic threat.

Regulatory capture by mega crypto entities, some backed by traditional finance, could tilt policy away from retail investors.