In 2024, the total wealth of billionaires increased by $2 trillion, which is equivalent to a rise of $5.7 billion per day. Their wealth grew three times faster than the previous year, according to Oxfam's annual report.
By the end of last year, the number of billionaires rose by 204 individuals to 2,769, averaging almost four new billionaires each week. Their combined wealth reached $15 trillion, marking the second-largest increase since records began.
Experts predict the emergence of at least five trillionaires in the next 10 years.
The report emphasizes that 60% of billionaires' wealth is linked to inheritance, monopolies, or "cronyism"—connections with influential figures. At the same time, the number of people living below the poverty line has hardly changed since 1990.
The study also revealed that the wealthiest 1% in the Global North extracted $30 million per hour from the Global South through financial systems.
The debt burden on low- and middle-income countries accounts for almost half of their budgets, leaving less funding for social sectors like healthcare and education.
Oxfam urges governments to take measures to reduce inequality:
- Implement progressive taxes on income and inheritance, as well as eliminate tax havens;
- Reduce the debt burden on Global South countries;
- Democratize international financial institutions, including the IMF and World Bank, and acknowledge the historical injustices of colonialism.
According to Oxfam, a fairer global economy will help eradicate poverty more swiftly and strengthen societal resilience.
Earlier, Spot reported that Donald Trump and his wife Melania launched their own meme coins.