CARBON BILLIONAIRES - Methodology note www.oxfam.org

METHODOLOGY FOR DATA COLLECTION Oxfam worked with a data provider, Exerica, to identify: • The equity stakes in companies that the richest 220 individuals in the world are invested in (we had initially selected the richest 200 but increased the size of the sample to take account for the number of billionaires whose ownership positions we could not identify). [...] 2 The dataset we started with before filtering is referred to as the ‘original list’, the dataset after the filtering is referred to as the ‘final sample’. [...] The emissions from the investments of one of the billionaires in our sample is a million times higher than the average person in the bottom 90% of humanity. [...] The average per capita emissions of someone in the bottom 90% is 2.76 tonnes of CO2e- this data is taken from the work done by Oxfam and the Stockholm Environment Institute.4 So the investment emissions of a typical billionaire in our sample are 1,138000 times higher than someone in the bottom 90% of humanity. [...] Chancel estimates that someone in the bottom 50% emits 1.4 ton of CO2e annually.14 In the research findings section, we attempt to provide a reference point to the investments of billionaires –for example the emissions per million dollars invested in the S&P 500 are given as a reference to billionaire emissions.