Billionaire wealth rapidly surges in 2024, says Oxfam
According to a recently published report by Oxfam, billionaire wealth increased by $2 trillion in 2024, growing three times faster than in 2023. The number of billionaires rose by 204, nearly four new billionaires per week, reaching 2,769 globally, Kazinfrom News Agency reports.
The rise, which is equivalent to $5.7 billion per day, brought the total wealth of the world’s billionaires to $15 trillion, the second-largest annual increase on record. Despite this rapid growth, the organization’s press release highlights that the number of people living on less than $6.85 a day has barely changed since 1990, according to the World Bank.
Oxfam’s analysis highlights that 60 percent of billionaire wealth stems from inheritance (36%), monopoly power (18%) or connections (6%).
“The capture of our global economy by a privileged few has reached heights once considered unimaginable,” said Oxfam International Executive Director Amitabh Behar.
The report also reveals an ongoingly growing imbalance in global wealth distribution. Data shows that in 2023, the richest 1% in the Global North extracted $30 million per hour from the Global South through financial systems. Global North countries, representing just 21% of the world’s population, control 69% of global wealth, 77% of billionaire wealth, and are home to 68% of billionaires.
According to Forbes, as of today, Larry Ellison saw the largest gain, adding $12.3 billion to his wealth. Jeff Bezos followed with an increase of $4.3 billion, while Masayoshi Son gained $3 billion.
On the other hand, several billionaires experienced losses, with Mukesh Ambani down $2.5 billion, Dmitry Pumpyansky losing $1.9 billion. Elon Musk also faced reductions in wealth, dropping by $1.4 billion.
“A new story is possible,” the report suggests calling to action to reduce inequality and accelerate poverty reduction threefold, paving the way for a more equitable global economic system.
As previously reported, Elon Musk is predicted to become the world’s first trillionaire in the near future.
