Global billionaires' wealth surged by $2tn in 2024: Report
What's the story
The combined wealth of the world's billionaires increased by a jaw-dropping $2 trillion in 2024, a report by Oxfam revealed. This is a threefold increase from last year, with an average daily growth of $5.7 billion. The report, titled Takers Not Makers, was released during the World Economic Forum in Davos and hints we could see five trillionaires within a decade.
Wealth sources
Billionaire wealth largely unearned, says Oxfam report
The Oxfam report highlights that 60% of billionaire wealth is unearned, coming from inheritance, monopoly power, or crony connections, with 36% of the wealth being inherited. The number of billionaires grew by 204 in 2024, taking the total to 2,769 with their combined wealth growing from $13 trillion to $15 trillion in just a year.
Wealth disparity
Billionaire wealth growth contrasts with global poverty levels
The report also underscores the stark contrast between the surge in billionaire wealth and persistent global poverty. It notes that nearly half of humanity survives on less than $6.85 a day, a figure that has seen little improvement since 1990. Women are disproportionately affected by extreme poverty, with one in 10 living on less than $2.15 per day.
UK growth
UK's billionaire wealth and economic disparities
In the UK, billionaire wealth increased by £35 million daily in 2024, totaling £182 billion. The year also witnessed the rise of four new billionaires: Mark Dixon, Sunder Genomal, Donald Mackenzie, and Jim Thompson. The report further highlights economic disparities between Global North and South countries, noting that in 2023 alone, the richest 1% in Global North nations siphoned off $30 million an hour from their southern counterparts via financial systems.
Systemic changes
Oxfam's call for systemic changes and fairer policies
Oxfam's Executive Director, Amitabh Behar, termed this wealth extraction as "modern day colonialism." He emphasized that such concentration of wealth is detrimental not just to economies but to humanity as a whole. The report ends with a call for reparations from former colonial powers and highlights the need for systemic changes to tackle global inequality. Anna Marriott from Oxfam said, "The global economic system is broken" and called for policies that prioritize fairness.