February 15, 2025

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Billionaire Wealth Triples Growth Rate, Rising by $2 Trillion in 2024: Oxfam

Global billionaire wealth surged by $2 trillion in 2024, reaching a total of $15 trillion, marking a growth rate three times faster than the previous year, according to a report by Oxfam International. Oxfam International released the report on Monday, coinciding with the opening day of the World Economic Forum (WEF) in Davos, a yearly gathering of global elites.

Oxfam’s annual inequality report highlighted that while billionaire wealth skyrocketed, the number of people living in poverty has barely changed since 1990. In Asia alone, billionaire wealth rose by $299 billion in 2024, and the region added 41 new billionaires. Globally, 204 new billionaires emerged in 2024—averaging nearly four per week—with predictions of at least five trillionaires within the next decade.

Titled “Takers, Not Makers,” the report noted that 60% of billionaire wealth comes from inheritance, monopolistic practices, or crony connections, indicating that much of it is undeserved. In 2023, the richest 1% in the Global North extracted $30 million per hour from the Global South through financial systems.

Oxfam’s Executive Director, Amitabh Behar, emphasized the link between rising billionaire wealth and persistent poverty. He described this wealth accumulation as a form of modern colonialism, where multinational corporations siphon wealth from poorer nations. Behar advocated for higher taxes on the ultra-wealthy to reduce inequality and dismantle what he called a “new aristocracy.” He also called on former colonial powers to provide reparations for historical exploitation.

In 2024, billionaires collectively increased their wealth by an average of $5.7 billion per day, raising the global billionaire count to 2,769 from 2,565 in 2023. The ten wealthiest individuals gained $100 million daily on average. Even if these individuals lost 99% of their wealth, they would remain billionaires, Oxfam reported.

Contrary to the common perception that wealth is earned, Oxfam stated that 36% of billionaire wealth is inherited, with the remaining portion significantly influenced by monopolies and cronyism. A Forbes study revealed that all billionaires under the age of 30 inherited their fortunes, while UBS estimates suggest that over $5.2 trillion in wealth will be passed down by billionaires in the coming decades.

Oxfam linked today’s extreme inequality to the historical exploitation of poorer nations. The report cited Vincent Bolloré, a billionaire whose wealth partly stems from colonial activities in Africa, as an example of how colonial legacies persist. The group argued that significant wealth continues to flow from the Global South to the Global North, with 69% of global wealth and 77% of billionaire wealth concentrated in the Global North, despite the region comprising just 21% of the global population.

The report also shed light on disparities in pay and working conditions. According to the International Labour Organization (ILO), women in informal economies, such as domestic or home-based workers, face more vulnerability than men. Migrant workers in high-income countries earn 12.6% less than nationals, and the pay gap between migrant women and male nationals is even wider at 20.9%.

Oxfam concluded that urgent action is needed to address inequality, invest in essential public services, and curb the growing influence of a few wealthy elites.

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