A recent report by Oxfam International, Carbon Inequality Kills, reveals an alarming disparity in carbon emissions between the world’s wealthiest individuals and average citizens. As global temperatures continue to rise, the wealthiest 1 percent contribute disproportionately to this dangerous trend, emitting as much carbon dioxide in 90 minutes as the average person produces in a lifetime. Released ahead of COP29, where climate leaders will meet in Baku, Azerbaijan, the report examines how the super-rich’s use of luxury transportation and investments in polluting industries exacerbate the climate crisis.
Amitabh Behar, Oxfam’s executive director, captured the urgent message of the findings: “The super-rich are treating our planet like their personal playground, setting it ablaze for pleasure and profit.” The report calls for decisive action to curb the emissions of the wealthiest and reduce the vast inequality in contributions to climate change.
Billionaire emissions: Jets, yachts, and pollution
Oxfam’s analysis sheds light on the annual carbon footprint of the world’s 50 wealthiest individuals, revealing that these billionaires emit far more than average citizens through luxury transportation and polluting investments. The report breaks down emissions into three key areas: private jets, super yachts, and high-emission investments.
Oxfam tracked the use of private jets by 23 of the 50 billionaires and found that each billionaire, on average, took 184 flights and spent 425 hours in the air per year. These flights generate an average of 2,074 tonnes of CO₂ per billionaire annually, which equates to 300 years’ worth of emissions for the average individual, or 2,000 years’ worth for a person in the global poorest 50 percent. “These luxury toys aren’t just symbols of excess; they’re a direct threat to people and the planet,” said Chiara Liguori, Oxfam’s senior climate justice adviser.
In addition to private jets, super yachts owned by these billionaires contribute even more staggering emissions. The report highlights that each super yacht emits approximately 5,672 tonnes of CO₂ per year—three times the emissions produced by private jets. Super yachts, which have more than doubled in number since 2000, are often exempt from international emissions regulations, allowing them to continue polluting largely unchecked. Although typically moored for most of the year, about 22 percent of their emissions come from maintenance activities like air conditioning, swimming pools, and onboard staff.
Jeff Bezos, founder and executive chairman of Amazon, is one of several billionaires with high carbon footprints due to his super yacht and jets. According to Oxfam, Bezos’ private jets spent almost 25 days in the air over a year, releasing 2,908 tonnes of CO₂—equivalent to what an average U.S. Amazon employee would emit over 207 years. Elon Musk, currently the world’s wealthiest person, owns at least two private jets that produce an estimated 5,497 tonnes of CO₂ per year, equal to the emissions of 834 years for an average person or 5,437 years for someone in the poorest 50 percent of the global population.
Wealthy investments in polluting industries
Beyond luxury transportation, investments by the wealthiest individuals account for significant carbon emissions. The top 1 percent control 43 percent of global financial assets, and their investments in industries such as oil, mining, and cement contribute heavily to global emissions. According to Oxfam, the average billionaire in the study has an investment-related carbon footprint of around 2.6 million tonnes of CO₂ each year—340 times their combined private jet and super yacht emissions.
Of the companies in which these billionaires invest, 40 percent operate in high-emission industries, with only a small fraction of their investment portfolios dedicated to renewable energy. Gautam Adani, an Indian billionaire with substantial renewable energy investments, is an outlier; his renewable investments account for 18% of his portfolio, compared to an average of less than 5% among the others. Many companies these billionaires invest in lack net-zero targets, further underscoring the lack of commitment from the world’s wealthiest to combat climate change.
The Walton family, heirs to the Walmart fortune, exemplifies this trend with investments in multiple super yachts and high-emission industries. Their three super yachts alone have a combined carbon footprint of approximately 18,000 tonnes per year—equivalent to the annual emissions of 1,714 Walmart employees. As a leading retailer, Walmart has also faced criticism for contributing to income inequality within the United States through low wages and significant CEO compensation.
Implications for Society and Global Health
The environmental impact of billionaires extends beyond emissions alone. The carbon footprints of the world’s wealthiest fuel climate breakdown and compound the issues of social and economic inequality. Extreme weather events, worsened by the emissions of the super-rich, disproportionately impact vulnerable populations, causing displacement, hunger, and economic hardship.
The wealthiest 1 percent are estimated to cause 1.5 million excess deaths over the coming century through consumption-driven emissions. The richest are uniquely positioned to shield themselves from the consequences of climate change, while the poorest bear the brunt of these increasingly severe impacts. Behar said, “Oxfam’s research makes it painfully clear: The extreme emissions of the richest, from their luxury lifestyles and even more from their polluting investments, are fueling inequality, hunger, and—make no mistake—threatening lives.”
Recommendations for policy change
Oxfam’s report calls for stringent measures to mitigate the emissions of the super-rich and redirect wealth toward more sustainable initiatives. Key recommendations include:
• Implementing progressive wealth taxes: Taxes on private jets, super yachts, and other luxury emissions could provide funds for climate adaptation and public health efforts.
• Regulating high-emission investments: Governments should encourage or mandate that investment funds prioritize renewable energy and divest from fossil fuels.
• Strengthening emissions regulations: Closing loopholes in carbon pricing and emissions caps for luxury items like super yachts would prevent further environmental harm from the wealthiest.
With COP29 approaching, Oxfam and environmental advocates emphasize the need for policymakers to take strong action to address carbon inequality and set more ambitious goals for emissions reduction. Wealthy individuals and corporations play a crucial role in climate outcomes, and regulating their emissions is essential for any meaningful climate progress.
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