Billionaire wealth surged by $2 trillion in 2024, according to Oxfam’s latest annual inequality report. The report, released on January 20, 2025, highlights the growing disparity in wealth distribution, with the richest 1% owning nearly 45% of all wealth while a significant portion of the global population remains in poverty.
- Billionaire wealth surged to $15 trillion.
- 44% of humanity lives below poverty line.
- Oxfam predicts five trillionaires by 2034.
- Wealth accumulation increasingly from inheritance.
- Biden warns of rising American oligarchy.
- Oxfam calls for fair tax policies.
The Oxfam report underscores a troubling trend in global wealth accumulation, noting that the combined wealth of billionaires rose from $13 trillion to $15 trillion over the past year. This marks one of the largest annual increases since Oxfam began tracking billionaire wealth. Despite this growth, the number of individuals living in poverty has remained largely unchanged since 1990, with 44% of the global population surviving on less than $6.85 per day.
Key statistics from the report include:
- The richest 1% now owns nearly 45% of total global wealth.
- 60% of billionaire wealth is derived from inheritance or monopolistic practices.
- Oxfam predicts the emergence of at least five trillionaires within the next decade.
Oxfam International’s Executive Director, Amitabh Behar, criticized the concentration of wealth, stating that the “capture of our global economy by a privileged few” is unprecedented. He emphasized that the rise of billionaires is leading to a new class of trillionaires, which he described as a significant threat to economic fairness and equity. The report advocates for government reforms to ensure that the wealth of the top 10% does not exceed that of the bottom 40% globally, alongside measures to dismantle monopolies and enforce fair taxation.
In summary, Oxfam’s report highlights the alarming rise in billionaire wealth while poverty levels remain stagnant. The findings call for urgent reforms to address economic inequality and ensure that wealth is distributed more equitably across the global population.
