The wealth of the world’s billionaires surged at an alarming rate in 2024, growing three times faster than the previous year, Al Jazeera reports, citing a new report by Oxfam International.
The report, released on the opening day of the World Economic Forum (WEF) in Davos, paints a stark picture of escalating global inequality, with the world’s richest individuals amassing fortunes while poverty and hunger persist.
Oxfam’s analysis, titled “Takers Not Makers,” reveals that the combined wealth of billionaires ballooned by $2 trillion to reach a staggering $15 trillion in the past year. The number of billionaires worldwide has also increased to 2,769, with at least four new billionaires “minted” every week. Alarmingly, Oxfam notes that a significant three-fifths of this wealth growth stems from inheritance, monopolistic practices, and “crony connections,” rather than innovation or value creation.
The report further predicts a troubling trend, anticipating the emergence of at least five trillionaires within the next decade. This projection is a significant jump from last year’s forecast of just one trillionaire, illustrating the accelerating pace of wealth accumulation at the very top.
“The capture of our global economy by a privileged few has reached heights once considered unimaginable,” stated Amitabh Behar, Executive Director of Oxfam International. “The failure to stop billionaires is now spawning soon-to-be trillionaires. Not only has the rate of billionaire wealth accumulation accelerated – by three times – but so too has their power.”
According to Oxfam, the average billionaire saw their wealth increase by a staggering $2 million per day, while the richest ten billionaires each added an average of $100 million daily to their coffers. Even if these individuals lost 99% of their fortunes, they would still remain billionaires, highlighting the extreme wealth disparity.
The stark contrast with the rest of the world is striking. Oxfam notes that the number of people living below the World Bank’s poverty line has barely changed since the 1990s, and the number facing hunger continues to rise.
The report’s findings are based on data from reputable sources, including Forbes’ estimations of billionaires’ wealth and data from the World Bank
The release of the report coincides with the opening of the WEF in Davos, which is expected to draw around 3,000 global leaders in business, academia, government, and civil society. President Donald Trump, who is set to be inaugurated on Monday and is a known advocate of wealth accumulation, is slated to participate via video conference later this week. Trump’s policies, according to Oxfam, are likely to further exacerbate inequality, particularly given his close relationship with Elon Musk, who was cited by Oxfam as the richest man on Earth.
