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.
[…]
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.
Oxfam warned that progress on reducing poverty has ground to a halt and that extreme poverty could be ended three times faster if inequality were to be reduced.
[…]
Rising share values on global stock exchanges account for most of the increase in billionaire wealth, though higher property values also played a role. Residential property accounts for about 80% of worldwide investments.
Globally, the number of billionaires rose by 204 last year to 2,769. Their combined wealth jumped from $13tn to $15tn in just 12 months – the second-largest annual increase since records began. The wealth of the world’s 10 richest men grew on average by almost $100m a day and even if they lost 99% of their wealth overnight, they would remain billionaires.
[…]
The report argues that most of the wealth is taken, not earned, as 60% comes from either inheritance, “cronyism and corruption” or monopoly power. It calculates that 18% of the wealth arises from monopoly power.
[…]
Anna Marriott, Oxfam’s inequality policy lead, said: “Last year we predicted the first trillionaire could emerge within a decade, but this shocking acceleration of wealth means that the world is now on course for at least five. The global economic system is broken, wholly unfit for purpose as it enables and perpetuates this explosion of riches, while nearly half of humanity continues to live in poverty.”
She called on the UK government to prioritise economic policies that bring down inequality, including higher taxation of the super-rich.
[…]
Source: Wealth of world’s billionaires grew by $2tn in 2024, report finds | The super-rich | The Guardian
Robin Edgar
Organisational Structures | Technology and Science | Military, IT and Lifestyle consultancy | Social, Broadcast & Cross Media | Flying aircraft