Flying in private jets, traveling on luxury yachts, and multi-billion investments lead to enormous emissions from the 50 richest people on the planet, according to a report from the aid organization.
The 23 billionaires who own private jets, including Elon Musk and Jeff Bezos, flew an average of 184 times in 2023, which corresponds to the emissions of an average person over 300 years, according to Oxfam.
Moreover, the tax in relation to the total cost of a normal trip between Paris and London is only two percent for a private jet trip, compared to 43 percent for an economy-class flight.
We think it should cost much more to pollute. But actually, we think that private jets should be banned in the face of the climate catastrophe we are in, says Astrid Nilsson Lewis, climate researcher at Oxfam.
18 billionaires on the top 50 list own superyachts, which are estimated to emit three times as much as airplanes. Each luxury yacht emits as much as an average person does over 860 years.
But above all, it is the rich's investments that cause emissions, through the companies they control. Oxfam has examined ownership linked to oil, mining, shipping, airlines, and cement, where emissions correspond to what an average person emits over 400,000 years.
Of the world's 50 richest people, 23 own private jets. Last year, they took off an average of 184 times, and spent 425 hours in the air. The airplanes emitted an average of 2,074 tons of carbon dioxide.
18 of the richest own 23 superyachts. The number of superyachts has doubled since 2000, and 150 new vessels are launched every year. Each of the 23 luxury yachts emitted an average of 5,672 tons last year.
40 percent of the 50 billionaires' investments end up in high-emission industries such as oil, mining, shipping, airlines, and cement, which according to Oxfam's calculations gives an average of 2.6 billion carbon dioxide equivalents.
Source: Oxfam
