Oxfam: Billionaire Wealth Up $2 Trillion in 2024, Growing Three Times Faster

Jan 20, 2025, 05:50 AM

Billionaires' wealth increased by $2 trillion in 2024, rising by $5.7 billion per day to reach a total of $15 trillion, according to Oxfam International's latest report released ahead of the World Economic Forum in Davos. The wealth of the ten richest individuals grew by $100 million per day on average. The number of billionaires worldwide increased by 204, or four per week, to a total of 2,769. Oxfam warns of the emergence of an 'aristocratic oligarchy' of ultra-rich individuals, noting that much of their wealth is 'in large part unearned'. The report highlights the widening gap between the wealthy and the poor, emphasizing that while billionaires have seen unprecedented gains, the number of people experiencing hunger worldwide is increasing. Oxfam calls for urgent action to address the growing wealth inequality.