Ultra-Wealthy Asset Ownership Accounts for About One-Quarter of Global Emissions, Study Finds

A Greenpeace-commissioned analysis attributes roughly 25 % of annual global greenhouse-gas emissions to the ownership of companies and physical assets by the world’s wealthiest individuals. The calculation, termed “climate debt,” adds together emissions generated by businesses, fossil-fuel projects, property developments and other carbon-intensive holdings linked to the top 1 % of wealth holders.

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Historically, climate strategies have emphasized household consumption and individual lifestyle choices. The new findings argue that this focus overlooks a larger source of emissions tied to asset ownership, prompting calls for policy to address investment patterns and corporate control rather than solely consumer behaviour.

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• Top 1 % of wealth holders (wealth > ? US$2 million) are linked to about 40 % of ownership-based emissions, which themselves represent 60 % of total global carbon output.

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• Top 0.1 % (wealth > ? US$7 million) account for 17 % of those emissions.

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• Top 0.01 % (wealth > ? US$38 million) are responsible for 9 %.

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• By contrast, the bottom 50 % of the global population contributes only 3 % of ownership-based emissions.

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Clara Thompson, Greenpeace International’s global lead campaigner on socioeconomic systems, highlighted the disparity between rising living costs for most households and the profit derived by a small elite from carbon-intensive industries. She urged that climate responsibility be aligned with the scale of contribution, suggesting wealth taxes as a mechanism to address the imbalance.

The Guardian

The report also notes that major financial institutions invested US$900 billion in fossil-fuel assets last year, despite earlier pledges to reduce such exposure. In parallel, governments convened in Bonn, Germany, for a two-week pre-COP31 session, with the “just transition” agenda—supporting workers displaced by the shift away from fossil fuels—expected to dominate discussions.

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• “At a time when people are facing rising energy bills, rising living costs, and growing climate impacts, many are asking why ordinary households should shoulder so much of the burden, while some of the world’s wealthiest people continue to profit from the industries driving the crisis.” — Clara Thompson, Greenpeace International

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• “This isn’t only a story about private jets and lavish lifestyles. When it comes to the pollution of the ultra-wealthy, ownership matters even more than consumption. A large share of emissions is associated with the ownership of carbon-intensive assets and investments,” — Clara Thompson, Greenpeace International

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• “For years, climate policy has focused on consumers. But our findings suggest we should be paying much more attention to what [people] own and invest in.” — Clara Thompson, Greenpeace International

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• “If we agree that those who contributed most to the problem should contribute more to fixing it, it’s reasonable to ask whether that principle should apply to extreme wealth as well.” — Clara Thompson, Greenpeace International

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The Bonn meetings, attended by governments worldwide except the United States, are set to shape the agenda for the upcoming COP31 climate summit in November. Anticipated topics include mechanisms for a “just transition” and potential discussions on wealth-tax proposals aimed at reducing the climate debt of the ultra-rich.

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