The richest 0.1% of the world's population, or approximately 8 million people, generate more carbon emissions than the poorest 3.5 billion people combined. At the same time, some of the wealthiest investors are reaping significant profits from industries contributing to global warming, as well as from rebuilding after natural disasters. This is according to a new report by the international organization Oxfam, published on October 27, 2026, ahead of the COP31 climate conference in Turkey.
The study, titled “Disaster Sharing: How Climate Chaos Deepens Inequality and Enriches the Few“, finds that the carbon footprint of the richest people is disproportionately large compared to that of the rest of the population.
According to the analysis, the richest 0.1% produce more than three times more carbon emissions than the entire population of sub-Saharan Africa, which numbers approximately 1.3 billion people.
Even more significant are the differences in individual climate impacts. A member of the richest 0.1% has contributed nearly 400 times more to today’s extreme heat than a member of the poorest half of humanity.
Climate damage could reach $53 trillion
According to Oxfam’s calculations, the richest 1% of the population is responsible for about 20% of global warming since 1990.
The organization warns that emissions generated in just one year by this group could lead to an estimated 1.9 million additional deaths from extreme heat in the long term.
Around 78% of these deaths are expected to be in low- and lower-middle-income countries, even though they are responsible for just 8% of global emissions.
The economic consequences are also significant. Oxfam’s modelling estimates that the emissions of the richest 1% could cause nearly $53 trillion in damage by 2050.
These figures are projections based on climate models, not actual losses.
Private jets – a symbol of climate inequality
One of the most striking examples of the unequal distribution of carbon emissions is the use of private jets. According to the study, private aviation generated an estimated 16 million tonnes of carbon dioxide in 2025. In just two seconds, all the private jets in the world produce more emissions than one person from the poorest half of the population emits in an entire year.
Calculations show that the average private jet flight generates around 3.7 tonnes of carbon dioxide – an amount comparable to the annual emissions of an average person worldwide.
At the same time, the use of this type of transport is available to an extremely limited group of people - approximately 250,000 people worldwide.
How billionaires profit from climate disasters
The report also examines the financial mechanisms through which some of the richest investors receive income from both polluting industries and activities related to overcoming the consequences of climate change.
Oxfam has developed a special index called Destroy & Rebuild Index, which covers 217 companies operating in sectors related to fossil fuels, climate risks, disaster preparedness and recovery.
According to the analysis, the companies in the index generated an average profit of $1.8 billion in 2025 and distributed an average of over $1 billion to their shareholders.
Two of the largest investment companies in the world - BlackRock and Vanguard - have stakes in 92% of the companies included in the index. The total value of their investments in these companies exceeds $1 trillion.
The study also found that the investment portfolios of 1,000 billionaires are linked to an estimated 486 million tons of carbon dioxide equivalent in 2025. If these emissions were considered as a separate country, it would rank 19th among the world's largest polluters.
About 71% of these billionaires' investments are directed at high-emission sectors, including the oil, gas and chemical industries.
Disaster recovery is becoming a billion-dollar business
The market for disaster recovery services is expected to grow from an estimated $70 billion to $92 billion annually by 2029.
This includes infrastructure recovery, building repair, emergency services and consequence management activities from natural disasters.
According to Oxfam, some investors can profit both from companies whose activities contribute to climate change and from businesses offering services to deal with the damage caused.
Meanwhile, the worst effects of disasters are borne by the lowest-income populations. The study found that flood deaths are seven times higher in countries with greater economic inequality.
Wealthy households can afford housing in safer areas, additional insurance, and private emergency protection services. In contrast, poor communities often lose their homes, crops and savings, without sufficient means to rebuild.
According to forecasts cited in the report, the climate crisis could force up to one billion people to flee their homes by 2050.
Oxfam calls for higher taxes on the richest
Ahead of COP31, the organization is calling on governments to introduce tougher tax measures on the biggest polluters.
Proposals include permanent taxes on large wealth and incomes, additional taxation on fossil fuel companies and higher taxes on luxury activities with a large carbon footprint, including the use of private jets.
Oxfam is also calling for a significant increase in climate adaptation funding in developing countries, with funding for this purpose tripling to 2035
According to the organization, limiting climate change requires not only reducing emissions, but also overcoming economic inequalities that make the poorest societies particularly vulnerable to natural disasters.
The report raises the question of how fairly the economic benefits and losses from climate change are distributed at a time when the world is preparing for a new round of international negotiations to limit global warming.