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Billionaire wealth surges by USD2 trillion in 2024, highlighting growing economic inequality
(MENAFN) In 2024, the wealth of billionaires surged by USD2 trillion, or more than USD5.7 billion per day, three times faster than the previous year, according to a report released by the anti-poverty organization Oxfam International on Monday.
At the same time, World Bank data revealed that the number of people living in poverty—defined as those surviving on less than USD6.85 per day—has seen little change since 1990.
The number of billionaires rose to 2,769 in 2024, up from 2,565 the year before, with their collective wealth growing from USD13 trillion to USD15 trillion within just one year.
On average, the wealth of the world’s 10 richest men increased by nearly USD100 million each day. Even if they lost 99 percent of their fortune overnight, they would still remain billionaires, the report noted.
Oxfam predicted that within a decade, there would be at least five trillionaires.
“The capture of our global economy by a privileged few has reached levels once thought impossible. The failure to rein in billionaires is creating the rise of trillionaires. Not only has the pace of billionaire wealth growth tripled, but so too has their influence,” said Amitabh Behar, Oxfam International’s Executive Director.
At the same time, World Bank data revealed that the number of people living in poverty—defined as those surviving on less than USD6.85 per day—has seen little change since 1990.
The number of billionaires rose to 2,769 in 2024, up from 2,565 the year before, with their collective wealth growing from USD13 trillion to USD15 trillion within just one year.
On average, the wealth of the world’s 10 richest men increased by nearly USD100 million each day. Even if they lost 99 percent of their fortune overnight, they would still remain billionaires, the report noted.
Oxfam predicted that within a decade, there would be at least five trillionaires.
“The capture of our global economy by a privileged few has reached levels once thought impossible. The failure to rein in billionaires is creating the rise of trillionaires. Not only has the pace of billionaire wealth growth tripled, but so too has their influence,” said Amitabh Behar, Oxfam International’s Executive Director.
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