Billionaires experienced a massive increase in their wealth during 2024, growing three times faster than the previous year. This information comes from a new report by Oxfam International, and the timing is significant as it coincides with the World Economic Forum in Davos, Switzerland. In just one year, the combined wealth of billionaires grew by $2 trillion, reaching a total of $15 trillion. This jump in wealth highlights a growing problem of global inequality and will likely be a major point of discussion at the upcoming forum.
The Oxfam report, titled “Takers Not Makers,” also reveals how quickly new billionaires are emerging. On average, four new billionaires were created every week throughout 2024. This rapid accumulation of wealth at the top of the economic ladder stands in stark contrast to the economic struggles faced by many across the globe. These findings bring up serious concerns about fairness in the economic system and the current distribution of resources globally. According to Amitabh Behar, Oxfam International’s interim executive director, we are witnessing the most extreme concentration of wealth and power in history.
The release of this report is strategically timed to influence discussions at the World Economic Forum, where political and financial leaders from around the world will gather. By highlighting the widening gap between the rich and the rest of the population, the report aims to emphasize the urgent need to address the systems that allow for such extreme wealth concentration. Consequently, the key findings in this report will likely play a role in shaping future conversations on policies related to global inequality and taxation. The discussion at the forum could determine how to potentially solve the wealth divide.