A recent report by Oxfam has highlighted how the world’s wealthiest individuals are profiting both from the causes and the consequences of the climate crisis. The study found that the richest 0.1% of the global population—approximately 8 million people—are heavily invested not only in polluting industries but also in businesses involved in disaster preparedness, recovery, and reconstruction. This dual involvement creates what Oxfam describes as a “double dividend” from the ongoing climate emergency.
According to the report, the market for climate adaptation services, including cooling devices, flood barriers, firefighting equipment, transportation, food, insurance, and loans, is projected to grow from $70 billion to $92 billion annually by 2029. Oxfam warns that this financial incentive may discourage urgent action to mitigate climate change, as those most responsible for it also stand to benefit financially from its escalating impacts.
Jean McLean, Oxfam’s chief influencing officer, criticized billionaires for capitalizing on the crisis: “The super-rich benefit at both ends of the crisis: first, through continued investment in polluting industries, and second, through investment in booming ‘adaptation economy’—recovery and rebuilding services are sold back to a warming world.” She noted that populations least responsible for climate change disproportionately endure its harshest effects, while the wealthiest are best equipped to safeguard themselves.
The report highlights stark disparities in emissions, with the richest 0.1% generating significantly more carbon than the poorest half of the global population combined. Private jet travel alone accounts for more CO₂ emissions in two seconds than most people emit in a year, underscoring the outsized carbon footprint of the super-rich. Much of their environmental impact, however, stems from investments in companies that both contribute to and profit from climate change and its aftermath.
Oxfam’s “destroy and rebuild index” identified 217 corporations involved in either exacerbating climate breakdown or providing adaptation-related products and services. Major asset managers such as BlackRock and Vanguard hold substantial shares—over 90% of these companies—amounting to more than $1 trillion in investments. These firms also influence policies and corporate behavior through their extensive holdings.
The report also points to how extreme weather events and conflicts have increased profits for large food trading companies dominated by billionaires. For instance, cocoa prices surged 231% after extreme weather in West Africa in 2024, with local farmers seeing little of the benefit. Oxfam warns that such inequalities exacerbate global disparities as poorer countries bear the brunt of climate consequences, despite contributing far less to global emissions.
Oxfam estimates that emissions attributable to the richest 1% will lead to 1.9 million excess deaths due to heat, mainly in low- and middle-income countries. These nations, which are responsible for just 8% of emissions, face the most severe health, agricultural, and economic impacts, while wealthier populations are shielded by their resources.
The organization argues that the economic and political power of the super-rich enables them to delay or obstruct meaningful climate policies that might threaten their profits. Some even leverage crises to promote privatization or encourage poorer countries to assume debt through loans.
In response, Oxfam calls for higher taxes on wealthy individuals, private jets, oil and gas companies, and other polluters. The group urges governments, including the UK, to increase grant-based climate financing and to clamp down on profiteering related to climate disasters. Nafkote Dabi, Oxfam International’s climate change policy lead, emphasized that tackling climate change is not a shared burden but one that requires reducing the influence and emissions of the richest segments of society.