Billionaire wealth surged globally by $2 trillion in 2024, reaching a total of $15 trillion in 2024, growing at a pace three times faster than the previous year, a report revealed ahead of the World Economic Forum Annual Meeting. As per Oxfam's annual inequality report released on Sunday, 5 individuals are likely to accumulate at least $1 trillion in wealth within the next 10 years if current trends persist.
Tesla CEO Elon Musk, who is currently the world’s richest person with a net worth exceeding $430 billion, is expected to reach the $1 trillion mark in just under five years. Other billionaires expected to join him include Amazon founder Jeff Bezos, Oracle founder Larry Ellison, Meta CEO Mark Zuckerberg, and LVMH CEO Bernard Arnault and his family.
In Asia, billionaire wealth rose by $299 billion in 2024. The year saw 204 new billionaires, with Asia alone adding 41 to the ranks. Oxfam’s report, titled "Takers, not Makers," also revealed that the wealthiest 1 per cent in the Global North extracted $30 million per hour from the Global South in 2023 through the financial systems.
Where Does Most Of The Wealth Come From?
A significant portion of billionaire wealth (60 per cent) now comes from inheritance, monopoly power, or crony connections, illustrating that much of the extreme wealth is "unmerited." Oxfam has urged governments to implement higher taxes on the wealthiest to reduce inequality, dismantle the emerging aristocracy, and address the historical harms of colonialism through reparations.
Oxfam also calculated that the wealth of the world's ten richest individuals grew by nearly $100 million a day in 2024, with the number of billionaires increasing from 2,565 in 2023 to 2,769. Even in the event of losing 99 per cent of their wealth, the top ten would still remain billionaires.
Stagnant Poverty Levels
The report also highlighted the contrast between the unprecedented growth in wealth and the stagnation in poverty levels, with the number of people living in poverty remaining largely unchanged since 1990.
The report stressed that much of today's billionaire wealth is unearned, often linked to monopolies, cronyism, or inheritance. These issues, combined with the legacies of colonialism, continue to drive the massive accumulation of wealth in the hands of a few.
Oxfam’s Executive Director, Amitabh Behar, stressed that the concentration of wealth and power is now at levels once deemed unimaginable and is worsening inequality across the globe.
Oxfam also referenced the ongoing flow of wealth from the Global South to the Global North, where countries like the US, UK, and France account for the majority of global and billionaire wealth despite representing only 21 per cent of the global population.
Investment Needed In Essential Services
The report pointed out that the money siphoned off by the super-rich is desperately needed for investment in essential services such as healthcare, education, and job creation, with significant consequences for the economy and global humanity.
While the world's wealthiest continue to accumulate immense fortunes, millions in the Global South remain trapped in poverty, with no significant improvement in their living conditions since 1990.
The report calls for action to address this inequality and end the unchecked accumulation of wealth by the few at the expense of the many.