The wealth of the world’s billionaires skyrocketed by a staggering $2 trillion in 2024, a surge three times faster than in the previous year, according to a new report from Oxfam. This increase works out to a jaw-dropping $5.7 billion a day. Yet, as the richest individuals continue to amass extraordinary fortunes, Oxfam warns that inequality is out of control, and the global economic system is increasingly leaving the world’s poorest behind.
The latest Takers Not Makers report paints a stark picture: in just one year, the combined wealth of the world’s billionaires jumped from $13 trillion to $15 trillion. Oxfam now predicts that we could see five trillionaires within the next decade, a sharp increase from last year’s forecast of just one. This unprecedented wealth concentration is becoming a defining feature of the global economy, while millions of people remain trapped in poverty.
Billionaires’ Wealth: An Alarming Growth amid Global Inequality
The report’s release coincides with the annual World Economic Forum in Davos, Switzerland, where political leaders, business executives, and the ultra-wealthy gather to discuss global challenges. Oxfam’s findings point to an unsettling paradox: while the world’s richest individuals see their fortunes grow at an extraordinary pace, the number of people living below the World Bank’s poverty line of 6.85$ a day has barely shifted since 1990. Today, around 3.6 billion people – 44% of the global population – live in poverty, and women are particularly affected. One in 10 women live in extreme poverty, compared to a lower rate for men.
The charity argues that poverty could be eradicated three times faster if inequality were addressed. Yet, the gap between the ultra-wealthy and the rest of the world continues to widen. In the UK alone, billionaire wealth climbed by £35 million a day, reaching a total of £182 billion in 2024.
Monopolies, Cronyism, and the UK’s Billionaire Boom
In the UK, billionaire wealth growth is largely fueled by monopolies and cronyism, with Oxfam noting that the country has the highest proportion of billionaire wealth derived from these sources compared to other G7 nations. This trend highlights how wealth is increasingly being generated not by innovation or hard work, but through political connections and market dominance. In fact, 60% of billionaire wealth comes from inheritance, cronyism, or monopolistic practices, with monopoly power alone accounting for 18% of the total.
The UK saw four new billionaires emerge last year, bringing the total to 57. Among them are Mark Dixon, the CEO of office space provider IWG, and Sunder Genomal, who founded Page Industries, a leading garment business in India. These newcomers add to a growing group of wealthy individuals whose fortunes are tied to powerful positions in industries like real estate and finance.
Billionaires’ Massive Gains Parallel Widespread Struggles
Globally, the number of billionaires rose by 204 last year, and their combined wealth grew by 2$ trillion in just 12 months – one of the largest annual increases in history. A significant portion of this wealth surge can be attributed to rising stock market values and soaring property prices. Residential real estate, in particular, represents about 80% of global billionaire investments.
Oxfam points out that even if the wealth of the world’s richest individuals – like Elon Musk, Jeff Bezos, and Bernard Arnault – were to decrease by 99%, they would still remain billionaires. The sheer scale of their wealth and influence is troubling, particularly as the world’s poorest continue to struggle.
Tech Moguls and the World Economic Forum
At the World Economic Forum, the growing power of tech billionaires like Musk, Bezos, and Mark Zuckerberg is more evident than ever. As their fortunes continue to grow, so does their political influence, with these tech giants playing key roles in shaping policies and decisions that impact global economies. This increasing concentration of wealth and power within the tech industry raises questions about the future of both democracy and global economic fairness.
Oxfam Calls for Change
Oxfam urges governments to take bold action to address the widening wealth gap, calling for higher taxes on the super-rich and stronger policies to rein in monopolistic practices. Anna Marriott, Oxfam’s lead on inequality policy, argues that the global economic system is “broken” and “wholly unfit for purpose,” as it enables the rich to accumulate even more wealth while millions continue to live in poverty.
Marriott also highlights the potential for change, pointing to the 2024 G20 agreement that aims to ensure fairer taxation of the world’s wealthiest. She argues that this presents a rare opportunity for governments to step up and invest in public services that could help reduce inequality and improve the lives of those at the bottom of the economic ladder.
