Forbes Billionaires List or equivalent credible financial reporting

Oxfam Reports $2 Trillion Surge in Billionaire Wealth and 204 New Billionaires in 2024 Amid Global Inequality

Jan 20, 2025, 03:04 AM

Billionaire wealth surged significantly in 2024, with Oxfam International reporting a $2 trillion increase, marking the second-largest annual rise since records began. The number of billionaires grew by 204, averaging four new billionaires each week, bringing the total to 2,769. Oxfam highlighted that the wealth of the world's 10 richest men increased by nearly $100 million daily on average, while billionaire wealth grew by $5.7 billion daily. Despite this, the number of people living in poverty has remained largely unchanged since 1990, with 3.6 billion people living below the World Bank's poverty line of $6.85 per day. Oxfam's report, titled 'Takers Not Makers', was released as global elites gathered in Davos for the World Economic Forum, where discussions on global inequality and economic policies are expected to be prominent. The charity predicts the emergence of at least five trillionaires within the next decade, up from a previous forecast of one. Oxfam criticized the concentration of wealth and power among a few, attributing 60% of billionaire wealth to inheritance, monopoly power, and crony connections. The report calls for radical tax reforms and institutional changes to address the growing disparities, particularly between the Global South and North.