Billionaires' wealth grow three times faster in 2024, says Oxfam report
Date
1/20/2025 4:01:09 AM
(MENAFN) According to Oxfam International, the wealth of billionaires globally grew three times faster in 2024 compared to the previous year, just as many of the world’s political and financial elites prepare to gather at the annual World Economic Forum (WEF) in Davos, Switzerland.
In its latest report on global inequality, released on the eve of the WEF meeting, Oxfam revealed that the combined wealth of billionaires increased by $2 trillion to reach $15 trillion in 2024.
The report, titled Takers Not Makers, highlighted that the number of billionaires worldwide reached 2,769, an increase of 204 compared to the previous year. Oxfam pointed out that at least four new billionaires were created every week, and three-fifths of their wealth was derived from inheritance, monopolistic practices, or “crony connections.”
Oxfam also predicted that the number of trillionaires could rise to at least five in the next decade, up from their previous estimate of just one trillionaire over that period.
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