Billionaires’ Wealth Soared Threefold in 2024: Oxfam

Billionaires saw their wealth grow three times faster in 2024 compared to the previous year, according to a report by Oxfam International.

The economic system has been criticized for enabling billionaires to shape policies for their own benefit. I Photo: Jeff Bezos X

The findings were released on January 20, 2025, as global leaders gathered in Davos, Switzerland, for the World Economic Forum (WEF). Jamey Keaten reported for the Associated Press (AP).

The Oxfam report, Takers Not Makers, highlighted stark global inequalities, noting that the number of people in poverty has remained virtually unchanged since 1990.

It also predicts the emergence of at least five trillionaires within the next decade, an increase from last year’s forecast of one trillionaire. Outgoing President Joe Biden recently warned of the dangers posed by the concentration of wealth among a small number of ultra-rich individuals.

President-elect Donald Trump, set to take office on Monday, is expected to participate in the forum via video.

Trump, a vocal proponent of wealth accumulation, counts multibillionaire Elon Musk among his closest advisers.

Oxfam’s Executive Director Amitabh Behar criticized the economic system for enabling billionaires to shape policies for their own benefit. “This is not about individuals but a system that perpetuates inequality and consolidates power among the ultra-wealthy,” Behar said.