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Oxfam Warns of Emerging 'Aristocratic Oligarchy' as Billionaire Wealth Surges $2 Trillion in 2024

Jan 20, 2025, 05:10 AM

According to a new report by Oxfam International released on the first day of the World Economic Forum in Davos, billionaire wealth surged dramatically in 2024, growing three times faster than in 2023. The world saw the addition of four new billionaires every week, bringing the total number to 2,769. The combined wealth of billionaires increased by $2 trillion in 2024, amounting to $5.7 billion per day. Notably, the wealth of the ten richest individuals grew by $100 million per day. Oxfam predicts the emergence of five trillionaires within a decade and warns that even if the world's ten richest people lost 99% of their wealth overnight, they would still remain billionaires. The organization cautions that this rapid accumulation of wealth among the ultra-rich is leading to the emergence of an "aristocratic oligarchy," exacerbating global inequality as the gap between the rich and the poor widens.