The group’s report comes as some of the world’s political and financial elite prepare for an annual gathering in Davos, Switzerland.
20 Jan 2025
Billionaires’ wealth globally grew three times faster in 2024 than the year before, global advocacy group Oxfam International says, as some of the world’s political and financial elite prepare to attend an annual gathering in Davos, Switzerland.
In its latest assessment of global inequality timed to the opening of the World Economic Forum (WEF) meeting, Oxfam on Monday said the combined wealth of billionaires rose by $2 trillion to $15 trillion last year.
The report, titled Takers Not Makers, said there were 2,769 billionaires worldwide in 2024, an increase of 204 over the previous year. It noted that at least four new billionaires were “minted” every week during the year, and three-fifths of billionaire wealth came from inheritance, monopoly power or “crony connections”.
Oxfam predicted that at least five trillionaires will crop up over the next decade. A year ago, the group forecast that only one trillionaire would appear in that period.