Billionaires' wealth soared in 2024, a top anti-poverty group said ahead of an annual gathering in Davos, Switzerland of some of the world's political and financial elite.
OxFam International’s research adds weight to a warning by outgoing President Joe Biden last week of a “dangerous concentration of power in the hands of very few ultra-wealthy people.”
Behar said the planet's five richest people — Tesla CEO Elon Musk, LVMH owner Bernard Arnault, Amazon founder Jeff Bezos, Oracle founder Larry Ellison, and investor Warren Buffett — have seen their fortunes increase by 114 percent since 2020, and the prospect of someone amassing $1,000 billion — a trillion — is now very real.
The wealth of the world’s billionaires skyrocketed by a staggering 2$ trillion (£1.64 trillion) in 2024, a surge three times
Oxfam’s new report estimates that 54 percent of billionaire wealth is either inherited or stems from monopoly power.
At current trends the charity Oxfam predicts up to five trillionaires are expected to emerge within the next decade.
The world's richest accumulated massive wealth in 2024, which some speculate could reach even greater heights in the next few years.
Oxfam International reported that billionaires' wealth increased three times faster in 2024, outpacing the previous year's growth. Ahead of the World Economic Forum in Davos, the group also
Billionaire wealth grew by $2tn in 2024, three times faster than the previous year, according to Oxfam's latest report on wealth.
Billionaire wealth surged last year, with the world's richest individuals adding $2 trillion to their pockets in 2024, according to a new report released Monday.
Billionaire wealth has grown faster last year, and now the world can expect at least 5 trillionaires within a decade, even as the number of people in poverty has barely budged since 1990