Wealth of billionaires rises by USD2T in 2024, threefold faster than 2023
Date
1/21/2025 1:31:41 AM
(MENAFN) In 2024 alone, the wealth of billionaires rose by USD2 trillion, or more than USD5.7 billion each day, which is triple the speed than the year before, as per a report released on Monday by anti-poverty organization Oxfam International.
According to World Bank data, the number of individuals suffering from poverty, defined as those surviving on less than USD6.85 per day, has remained almost the same since 1990.
In the last year, the number of billionaires surged to 2,769, rising from 2,565 in the prior year as their total wealth soared from USD13 trillion to USD15 trillion within a single year.
As per the report, the wealth of the 10 richest men around the world rose on average by around USD100 million per day, even if they were to lose 99 percent of their wealth in a single night, they would still be billionaires.
Oxfam estimated that the world would witness more than five trillionaires in ten years' time.
“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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