Wealth of world’s billionaires grew by $2tn in 2024
Oxfam International has reported a significant surge in the wealth of the world’s billionaires, which grew by $2 trillion in 2024, reaching a total of $15 trillion. This increase represents an acceleration in wealth accumulation, occurring at a rate three times faster than in the previous year. The total number of billionaires rose to 2,769, marking an increase of 204 individuals within a single year, with nearly four new billionaires being created each week.
The report, titled “Takers Not Makers,” highlights that a substantial portion of billionaire wealth—approximately 60%—is derived from inheritance, monopolistic practices, or connections to powerful entities. Oxfam’s findings coincide with the World Economic Forum (WEF) in Davos, Switzerland, where discussions on global economic disparities are expected to take center stage.
Amitabh Behar, Executive Director of Oxfam International, emphasized the alarming concentration of wealth and power, suggesting that the current trajectory could lead to the emergence of at least five trillionaires within the next decade. This forecast is a stark contrast to previous estimates that only anticipated one trillionaire during that timeframe.
The report also underscores ongoing global inequality issues. Despite the soaring wealth among billionaires, the number of people living in poverty has remained largely unchanged since 1990. Currently, about 44% of the global population lives on less than $6.85 per day, further illustrating the widening gap between the ultra-wealthy and those in poverty.
