Billionaires amassing unprecedented wealth, says Oxfam
Billionaires are amassing unprecedented wealth, according to development organisation Oxfam in a report published on 20th January, with trillionaires expected to emerge within the next decade, DW reports
According to Oxfam’s findings, the richest 1% now own 45% of wealth, while 44% of the global population survives on around $5 a day. Billionaire wealth soared by $2 trillion (€1.94 trillion) in 2024, growing three times faster than the previous year.
The report titled “Takers Not Makers” was published ahead of the World Economic Forum (WEF) in Davos, Switzerland, a gathering of around 3,000 global leaders and business executives. The summit is expected to focus on economic strategies, the growing AI market, and global conflicts.
The report states that most billionaire wealth is taken, not earned; with 60% coming from either inheritance, cronyism and corruption or monopolisation.
2024 also saw the emergence of 204 new billionaires, with total billionaire wealth increasing by $2 trillion, a growth rate 3 times faster than 2023.
The World Economic Forum often been criticised as perpetuating inequality, and as a display of dissatisfaction with wealth inequality, protesters have gathered in Davos, anticipating the WEF summit, brandishing banners reading ‘tax the rich’ and ‘burn the system’.
Recently elected US President Donald Trump was mentioned in the Oxfam report with his policies of tax cuts and deregulation being criticised for potentially fuelling inequality and further enriching billionaires.
Oxfam warns that precedent has been set for billionaires be able to shape economic and social policies, which in turn will allow them to grow even more wealth and consolidate more power and influence.
“The crown jewel of this oligarchy is a billionaire president, backed and bought by the world’s richest man Elon Musk, running the world’s largest economy,” Oxfam executive director Amitabh Behar said.
Criticism of a quasi-aristocratic class of billionaires ‘amassing unprecedented wealth’ and influence come as former US President Joe Biden warns of the emergence of a ‘dangerous’ oligarchy, and Silicon Valley CEOs taking precedence over cabinet members at President Trump’s inauguration.
DW
