Super-rich European elite emits more CO2 in one week than the poorest 1 percent emits in a lifetime

The analysis shows that an ultra-rich European, who makes more than $310,000 annually after taxes, takes an average of 140 flights per year and thus produces as much CO₂ as the average European does in 112 years. In the same period, an ultra-rich European on his yacht emits as much carbon as an ordinary European in 585 years.

If the world continues with current emissions, the remaining carbon budget (how much CO₂ can still be emitted to limit global warming to 1.5 degrees Celsius) will be exhausted in about four years. If everyone were to emit as much as the richest 1 percent, that would be in less than five months.

Moreover, the emissions from the investments of these super-rich are even higher: the average investment emissions of 50 of the world’s richest billionaires are about 340 times their emissions from private jets and superyachts combined.

“They Feed Death”

“The super-rich in Europe treat our planet as their personal playground. Their dirty investments, their private jets and yachts are not just a symbol of excess; they fuel inequality, hunger and even death,” says Alba Saray Pérez Terán, climate policy officer at Oxfam Belgium.

“The super-rich have to pay the bill for their carbon footprint, not ordinary Belgians. This means more taxes for the super-rich, such as a wealth tax and higher taxes on superyachts and private jets,” concludes Pérez Teràn.