Wealth

The number of billionaires worldwide climbed to a record 3,000 in 2025, according to a recent report published by Oxfam.

The report highlights the accelerating pace of extreme wealth accumulation, noting that Elon Musk became the richest person in history for the first time, reaching a net worth of $500 billion during the year.

Collectively, the world’s billionaires now control more than $3.5 trillion, underscoring a widening gap between the ultra-wealthy and the rest of the global population.

What the report is saying

Oxfam said the growth in the billionaire population is speeding up faster than at any point in recent history.

“The growth in the billionaire population is accelerating faster than ever before. Over the past several decades, the number of billionaires has tripled, with their wealth expanding at rates well above the global average,” the report stated.

The organization warned that inequality is worsening rapidly in several countries, in some cases more sharply than in the previous four years.

According to the report:

• The 12 richest individuals now control over $500 billion, an amount greater than the combined wealth of the poorest half of humanity.

• Globally, billionaires are thousands of times more likely to command wealth levels that overshadow the political and economic influence of millions of ordinary citizens.

Oxfam said this concentration of wealth has become a central fault line in global debates over fairness, social justice, and the growing influence of money in politics.

Backstory

The accumulation of extreme wealth has long been linked to political power and influence. In countries such as the United States, billionaires have increasingly used their financial resources to shape public policy, influence elections, and secure political allies.

Critics argue that weak legal and regulatory frameworks often fail to hold the ultra-wealthy accountable, enabling them to consolidate both economic and political power with little restraint.

History shows that when wealth becomes highly concentrated, civil and political rights can erode. Protest movements are more easily suppressed, dissent is marginalized, and democratic processes risk being undermined as financial power dominates governance structures.

As the late Justice Louis Brandeis once warned, democracy cannot coexist with extreme concentrations of wealth, as excessive economic power ultimately threatens equality and accountable governance.

What you should know

The surge in the number of billionaires in 2025 goes beyond headline figures. It reflects deeper structural challenges in the global economy, where wealth increasingly shapes laws, elections, and economic policy.

At the same time, ordinary citizens around the world are grappling with rising living costs, limited access to opportunities, and shrinking social mobility. In some countries, growing economic inequality is coinciding with the rise of authoritarian tendencies, where wealth translates directly into political influence.

Oxfam warned that without deliberate policy interventions, the world risks drifting toward a future in which wealth dictates political power, intensifies inequality, and weakens democratic institutions.

The record number of billionaires in 2025, the report concludes, raises urgent questions about fairness, governance, and the long-term stability of societies worldwide.

South Africa has welcomed a new name into its elite billionaire circle, and his story is one rooted not in mining or telecommunications, but in craftsmanship, brand heritage, and patient long-term strategy. Paul van Zuydam, the 87-year-old owner of the iconic French cookware brand Le Creuset, has officially joined the global billionaire ranks with an estimated net worth of $1.7 billion.

Van Zuydam’s inclusion on the Forbes Real-Time Billionaires Index makes him the eighth South African whose wealth is measured in US dollars. More significantly, his ascent highlights a changing pattern in South Africa’s wealth landscape—one where fortunes are increasingly built outside the country’s traditional strongholds of mining, retail, and heavy industry.

Le Creuset, the source of van Zuydam’s fortune, was founded in 1925 in Fresnoy-le-Grand, France. The company rose to prominence for its enamel-coated cast-iron cookware, instantly recognizable by its signature “Volcanic Flame” orange finish. For decades, the brand enjoyed cult status among professional chefs and home cooks alike, becoming synonymous with durability, quality, and timeless design.

However, by the late 1980s, the once-admired company was in trouble. Internal disputes, inconsistent sales performance, and mounting debt had pushed Le Creuset to the brink. It was at this point that van Zuydam—then heading the homeware group Prestige—became aware of the brand’s difficulties. Rather than making a remote acquisition decision, he travelled to France and personally inspected the foundry and operations.

What he discovered was not a broken brand, but a misaligned one. The craftsmanship was intact, the product quality exceptional, but the business lacked modern operational discipline and a coherent global strategy. In 1988, van Zuydam negotiated the acquisition of Le Creuset, stepping away from Prestige following its takeover by a US firm. He also secured approval from the French government, a crucial step given the company’s cultural and industrial importance.

His turnaround strategy was intentionally conservative. Instead of radical reinvention, van Zuydam focused on preservation and modernization. Production was consolidated around the historic French foundry, while costs were streamlined and selective automation introduced. These changes doubled daily output to more than 20,000 units, without compromising quality. Crucially, all cast-iron manufacturing remained in France—a decision that reinforced the brand’s authenticity and supported premium pricing.

With operations stabilized, van Zuydam turned to global expansion. Le Creuset grew rapidly in the United States and across Asia, repositioning itself not as a commodity cookware manufacturer, but as a premium lifestyle brand. New colour palettes, limited-edition collections, and experiential retail stores helped elevate Le Creuset into an aspirational symbol. Its products now feature everywhere from Michelin-starred kitchens to social media-led home décor showcases.

One of the most striking aspects of Le Creuset’s growth story is its financial discipline. Since 2001, the company has operated without external debt, an unusual feat in a consumer goods sector often reliant on leverage to fund expansion. Today, Le Creuset generates more than $850 million (approximately R14 billion) in annual revenue, according to company disclosures. Despite his age, van Zuydam remains actively involved in the business as president, maintaining close oversight of strategy and brand direction.

Van Zuydam’s billionaire status reflects more than personal success; it underscores a broader evolution in how wealth is created in South Africa. His fortune is built on cultural capital, design equity, and global brand stewardship—assets that increasingly rival traditional industrial wealth. He now joins an exclusive group of South African billionaires that includes figures such as Johann Rupert, Nicky Oppenheimer, and Koos Bekker, bringing the country’s billionaire count to eight.

For South Africa, Paul van Zuydam’s rise sends a clear message: the next generation of fortunes may be forged not only from natural resources or financial engineering, but from the global marketplace of identity, heritage, and enduring brand storytelling.