Billionaire fortunes surge rapidly in 2024
Date
1/21/2025 12:37:28 AM
(MENAFN) In 2024 alone, the fortunes of billionaires expanded by USD2 trillion, equating to more than USD5.7 billion daily—three times the growth rate recorded the previous year, as revealed by a report from the anti-poverty group Oxfam International on Monday.
At the same time, data from the World bank indicates that the global count of people living on less than USD6.85 per day—classified as living in poverty—has remained virtually unchanged since 1990.
The number of billionaires globally climbed to 2,769 in 2024, compared to 2,565 the year before. Their combined fortunes surged from USD13 trillion to USD15 trillion in just 12 months.
The report also highlights that the daily average increase in fortunes for the world’s 10 wealthiest individuals was close to USD100 million. Even if these men lost 99 percent of their fortunes overnight, they would still qualify as billionaires.
Oxfam forecasts that at least five trillionaires will emerge within the next decade.
“The capture of our global economy by a privileged few has reached heights once considered unimaginable. The failure to stop billionaires is now spawning soon-to-be trillionaires. Not only has the rate of billionaire wealth accumulation accelerated -- by three times -- but so too has their power,” stated Oxfam International Executive Director Amitabh Behar.
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