In 2024, the wealth of billionaires has skyrocketed as the richest individuals continue to benefit from inheritances and influential networks, according to the latest annual inequality report from Oxfam. The global charity reported on Sunday that the combined wealth of the world’s wealthiest rose from $13 trillion to $15 trillion in just a year, marking the second largest annual increase since Oxfam began recording these figures.
During this same period, the global poverty level has seen little to no change since 1990, based on World Bank data cited by the charity. Notably, the wealthiest 1% now control nearly 45% of all global wealth, while a staggering 44% of the world’s population lives below the poverty line of $6.85 a day as set by the World Bank.
With billionaire wealth growing at an unprecedented rate, Oxfam anticipates at least five individuals becoming trillionaires within the next decade. “The grip that a select few have on our global economy has reached heights we once thought impossible,” remarked Amitabh Behar, Executive Director of Oxfam International.
Behar warns that if nothing changes, the world will soon see trillionaires arising from the current surge of billionaire wealth, which has tripled in speed. He points out that with this wealth comes increased power. The report sheds light on the rise of what it calls “unmerited wealth,” indicating that 60% of billionaire wealth originates from inherited fortunes, monopolistic practices, or “crony connections.”
The “Takers Not Makers” report by Oxfam comes at a time when Donald Trump, a billionaire himself, has returned to the White House. Moreover, over 3,000 leaders from various countries are gathering for the World Economic Forum’s annual meeting in Davos.
Elon Musk, the CEO of Tesla and a known associate of Trump, is reportedly on course to become the world’s first trillionaire by 2027, according to insights from Informa Connect Academy. Currently, Musk’s net worth is pegged at approximately $440 billion according to the Bloomberg Billionaires Index.
Outgoing U.S. President Joe Biden recently cautioned against what he describes as an emerging “oligarchy” in America, characterized by extreme wealth, power, and influence. He urged, “While people should have the freedom to earn as much as possible, it is imperative they abide by fair rules and pay their fair share of taxes,” during his farewell address.
Oxfam is pressing governments to commit to policies where the incomes of the wealthiest 10% are not disproportionately higher than those of the bottom 40% globally. The charity advocates for reforming global economic rules to dismantle monopolies, implementing more rigorous corporate regulations, and adopting global tax policies to ensure the affluent contribute fairly.
According to Behar of Oxfam, the surge of wealth into the bank accounts of the super-rich, instead of being funneled into crucial areas like education and healthcare, is “not only detrimental to the economy — it’s a burden on humanity.” He criticizes the notion of “self-made” billionaires, labeling many as beneficiaries of vast fortunes passed down through untaxed inheritance, perpetuating an inequitable aristocracy where wealth and power remain concentrated amongst a few.
