Wealth of world’s billionaires grew by $2tn in 2024, report finds
The wealth of the world’s billionaires grew by $2tn (£1.64tn) last year, three times faster than in 2023, amounting to $5.7bn (£4.7bn) a day, according to a report by Oxfam.
The latest inequality report from the charity reveals that the world is now on track to have five trillionaires within a decade, a change from last year’s forecast of one trillionaire within 10 years.
The report, entitled Takers Not Makers, comes as many of the world’s political leaders, corporate executives and the super-rich travel to the Swiss ski resort of Davos for the annual World Economic Forum meeting from Monday.
Oxfam’s examination of billionaire assets also coincides with Donald Trump’s inauguration as US president. Trump is expected to include several billionaires in his team of close advisers, including the Tesla and SpaceX chief executive, Elon Musk, and to offer large-scale tax breaks to the wealthiest US citizens.
At the same time, the number of people living under the World Bank poverty line of $6.85 a day has barely changed since 1990, and is close to 3.6 billion – equivalent to 44% of the world’s population today, the charity said. One in 10 women lives in extreme poverty (below $2.15 a day), which means 24.3 million more women than men endure extreme poverty.
