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Billionaire Wealth Grows $2 Trillion in 2024, Oxfam Predicts Five Trillionaires Amid Rising Inequality

Jan 20, 2025, 07:25 AM

The wealth of billionaires globally surged by $2 trillion in 2024, reaching a total of $15 trillion, according to a report by Oxfam International. This increase occurred at a rate three times faster than in 2023, with an average daily growth of $5.7 billion. The Oxfam report, released ahead of the World Economic Forum in Davos, highlighted that 204 new billionaires emerged last year, averaging nearly four new billionaires per week. It also noted that the wealth of the world's ten richest men grew by an average of $100 million per day, and even if they lost 99% of their wealth overnight, they would still remain billionaires. Oxfam warned of an emerging 'aristocratic oligarchy' with significant political influence, particularly in light of Donald Trump's presidency, which is expected to further exacerbate global inequality. The organization predicts that at least five trillionaires could emerge within the next decade if current trends continue.