Billionaire fortunes have grown at a rate three times faster than the average annual rate in the previous five years since the election of Donald Trump in November 2024. Whilst US billionaires have seen the sharpest growth in their fortunes, billionaires in the rest of the world have also seen double digit increases. Actions of the of the Trump presidency, including the championing of deregulation and undermining agreements to increase corporate taxation, have benefited the richest around the world. This phenomenon of the richest influencing and controlling politics is not new; it is familiar in countries in every part of the world. But events in the US in 2025 perhaps made this viscerally clear: in country after country, the super-rich have not only accumulated more wealth than could ever be spent, but have also used this wealth to secure the political power to shape the rules that define our economies and govern nations. At the same time, all over the world we are seeing an erosion and rolling back of the civil and political rights of the many; the suppression of protests; and the silencing of dissent. A century ago, the US Supreme Court Justice Louis Brandeis said, "We must make our choice. Either we can have extreme wealth in the hands of the few, or we can have democracy. We cannot have both."