Britain says no to trillionaires as Musk becomes the world's first

New statistics from Oxfam show six in ten Britons (60%) think it is unacceptable for any individual to hold more than £1 trillion in personal wealth, as Elon Musk becomes the world’s first trillionaire.

At the same time, three quarters of the public (76%) support a 2% wealth tax on assets over £10 million, which Oxfam says could raise an estimated £24 billion every year to help rebuild public services, reduce poverty and tackle inequality in the UK and around the world. 71% also believe the current economic system works mainly in the interests of the very wealthy rather than ordinary people - a finding the charity says reflects growing public frustration with extreme inequality and falling living standards.

Separately, new Oxfam analysis lays bare the scale of a $1 trillion fortune: Musk's wealth exceeds that of the poorest 3.8 billion people on Earth – 46% of the global population – and a 10% tax on it could end global extreme poverty for a year, lifting over 800 million people above the extreme poverty line.

Hitting $1 trillion means Musk’s wealth grew by over $550 billion over the past year, equivalent to an average rate of over $1 million per minute. According to Oxfam, such extreme concentrated wealth is symptomatic of decades of pro-billionaire politics that have allowed the ultra-rich to write economic rules in their favour.

Jean added: “While millions across the world and in the UK struggle with the cost of living and continue to be told there is no money for critical services like schools and healthcare, billionaire fortunes keep growing at staggering speed. People increasingly understand that this level of inequality is not inevitable - it is the result of political choices about who our economies are designed to work for.”

With the world now in the age of the trillionaire, Oxfam is urging people across the UK to sign its petition to tax the super rich now.

The petition calls on Chancellor Rachel Reeves to introduce a 2% wealth tax on assets over £10 million. The measure would affect around 20,000 people - just 0.04% of the population - but could raise enough to transform investment in public services and anti-poverty measures.