Oxfam Warns Billionaire Wealth Soared Three Times Faster in 2024, Predicts Emergence of Trillionaires

Jan 20, 2025, 11:15 AM

Billionaire wealth surged by $2 trillion in 2024, growing three times faster than the previous year, according to Oxfam International's 'Takers Not Makers' report. The anti-poverty group warned of the emergence of an 'aristocratic oligarchy' as the combined wealth of the world's billionaires reached $15 trillion, increasing by $5.7 billion per day. The report highlights that 60% of billionaire wealth is derived from inheritance, cronyism, or monopoly power. The number of billionaires grew by 204 individuals in 2024, averaging nearly four new billionaires each week. Oxfam predicts that at least five trillionaires will emerge within the next decade. Released ahead of the World Economic Forum in Davos, the report underscores widening global inequality, noting that the number of people living in poverty has barely changed since 1990.