Billionaire Wealth Accelerated in 2024, Oxfam Warns of Deepening Inequality

Oxfam's report highlights a $2 trillion surge in billionaire wealth and predicts five trillionaires could emerge within a decade, as global poverty rates stagnate.

Oxfam International's report reveals that billionaire wealth grew three times faster in 2024 compared to 2023, adding $2 trillion to their collective net worth.
The report projects that five individuals, including Elon Musk and Mark Zuckerberg, could become trillionaires within the next decade, up from a previous estimate of one.
Global poverty levels remain largely unchanged since 1990, with over 10% of the world's population living on less than $6.85 per day, according to World Bank data cited by Oxfam.
Outgoing U.S. President Joe Biden and Oxfam have called for reforms, including higher taxes on the ultra-wealthy, breaking up monopolies, and ensuring fair wages for workers.
The findings coincide with the World Economic Forum in Davos, where discussions include economic inequality, artificial intelligence, and global conflicts, as well as President Donald Trump's return to office.