Billionaire wealth surges to ‘unimaginable’ levels in 2024 as Oxfam predicts emergence of five trillionaires within a decade

Billionaire wealth rose in 2024 as the world’s richest people increasingly benefited from inheritance and powerful connections, Oxfam said Monday in its annual inequality report.

The combined wealth of the world’s richest has risen from $13 trillion to $15 trillion in just 12 months, the global charity said on Sunday. It is the second biggest annual increase in billionaire wealth since Oxfam’s records began.

Meanwhile, the number of people living in poverty has barely changed since 1990, the charity said, citing World Bank data. The richest 1% of the population owns almost 45% of all wealth, while 44% of humanity lives below the World Bank poverty line of $6.85 a day, according to the data.

As the wealth of the world’s richest people accelerates at a faster rate than previously predicted, Oxfam now expects to see at least five billionaires within a decade.

“The capture of our global economy by a privileged few has reached levels previously considered unimaginable,” said Amitabh Behar, executive director of Oxfam International.

“The failure to stop billionaires is now creating future trillionaires. Not only has the rate of wealth accumulation of billionaires accelerated (three times) but also their power,” he stated.

The report highlights a rise in “undeserved wealth,” showing that 60% of billionaires’ wealth now comes from inheritance, monopoly or the power of “crony connections.”

Oxfam’s “Takers Not Makers” report is released as billionaire Donald Trump returns to the White House and 3,000 leaders from more than 130 countries prepare to attend the World Economic Forum’s annual meeting in Davos.

Elon Musk, Tesla CEO and close Trump ally, is on track to become the world’s first billionaire by 2027, according to a report from Informa Connect Academy. Currently his fortune amounts to about $440 billion, according to the Bloomberg Billionaires Index.

Outgoing President Joe Biden warned this week of an “oligarchy of extreme wealth, power and influence taking shape in the United States.”

“People should be able to earn as much as they can, but pay, follow the same rules, and pay their fair share in taxes,” Biden said in his farewell address.

Oxfam is calling on governments to commit to ensuring that the income of the richest 10% is no higher than that of the poorest 40% worldwide. Global economic rules should be adjusted to allow monopolies to be broken up, and more corporate regulations and global tax policies should be adopted to ensure the rich pay their fair share, according to the charity.

Money flowing into the bank accounts of the super-rich instead of much-needed investment in teachers and medicine “is not only bad for the economy, but also for humanity,” Oxfam’s Behar said.

“Many of the so-called ‘self-made’ are actually heirs to vast fortunes, passed down through generations of unearned privilege. “Billions of dollars in tax-free inheritances are an affront to justice, and perpetuate a new aristocracy where wealth and power remain in the hands of a few,” he said.



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