Oxfam: Billionaire Wealth Grew $2 Trillion in 2024, Three Times Faster Than Previous Year

Jan 20, 2025, 08:50 AM

Oxfam's latest report reveals that billionaire wealth surged by $2 trillion in 2024, reaching a total of $15 trillion. This growth occurred at a rate three times faster than in the previous year, with the wealth of the world's richest increasing by an average of $5.7 billion per day. The report highlights that the world gained 204 new billionaires in 2024, averaging four new billionaires every week. The ten richest men saw their wealth grow by $100 million per day, and even if they lost 99% of their wealth overnight, they would still remain billionaires. Oxfam warns of an emerging "aristocratic oligarchy" with significant political influence and predicts that within a decade, at least five individuals could become trillionaires. Meanwhile, the number of people living in poverty has remained largely unchanged since 1990, underscoring the persistent issue of global inequality.