Billionaire Wealth Soars by $2 Trillion in 2024 Amid Growing Inequality

Billionaire wealth skyrocketed by $2 trillion in 2024, equating to a staggering $5.7 billion daily. This rate of increase is three times faster than in 2023, sparking concerns over widening inequality. Despite this unprecedented wealth accumulation, the number of people living in poverty globally has remained largely unchanged since 1990, according to World Bank data.

Key Findings from Oxfam’s Report:

• Billionaire Boom: The number of billionaires grew to 2,769 in 2024, up from 2,565 in 2023, marking the second-largest annual wealth surge on record. Their combined wealth jumped from $13 trillion to $15 trillion within a year.

• New Billionaires: On average, nearly four new billionaires were created weekly in 2024, totaling 204 for the year.

• Projected Trillionaires: At the current pace, Oxfam predicts at least five trillionaires will emerge by 2034.

• Unearned Wealth: Sixty percent of billionaire wealth stems from inheritance, monopoly power, or crony connections, with 36% directly inherited. Every billionaire under 30 has inherited their wealth.

A Global Wealth Divide:

The richest 1% in the Global North extracted $30 million per hour from the Global South in 2023, perpetuating modern-day colonialism. While Global North nations represent only 21% of the global population, they hold 69% of the world’s wealth and 77% of billionaire wealth. The disparity extends to voting power in international institutions, with countries like Belgium having vastly more influence per capita than nations in Africa.

Low- and middle-income countries spend nearly half their national budgets on debt repayments, often exceeding their investments in education and healthcare. Since 1970, Global South governments have paid $3.3 trillion in interest to creditors in New York and London.

Oxfam’s Call to Action:

Oxfam’s report, Takers Not Makers, urges global leaders to address inequality and dismantle the concentration of wealth and power:

1. Radical Income Redistribution: Ensure the incomes of the top 10% are no more than four times those of the bottom 40%. Reduce inequality to accelerate poverty eradication.

2. Tax the Rich: Establish a UN tax convention to mandate fair taxation of billionaires and corporations, abolish tax havens, and implement inheritance taxes.

3. End Wealth Extraction from the Global South: Cancel debts, regulate monopolies, and ensure fair wages globally. Restructure institutions like the World Bank and IMF to give Global South countries equitable representation. Offer reparations for colonial exploitation.

The Human Cost:

Global inequality has tangible effects. Life expectancy in Africa remains over 15 years shorter than in Europe, while wages in the Global South are up to 95% lower for equivalent work. Women and migrant workers are disproportionately affected, earning significantly less than their male and national counterparts, respectively.

A Warning from Oxfam:

“The ultra-rich claim their wealth is self-made, but the reality is far from it. Most wealth is inherited or unearned, perpetuating a new aristocracy,” said Oxfam International Executive Director Amitabh Behar. “This concentration of wealth undermines democracy and humanity. Governments must act now to reduce inequality and end extreme wealth.”

As global elites convene in Davos, Oxfam’s report stands as a stark reminder of the urgent need for systemic change.