Billionaire Wealth Soars to Unprecedented Heights in 2024, Oxfam Forecasts Five Trillionaires in the Next Decade
Oxfam warns that the rapid acceleration of the wealth of the world's richest, fueled by inheritance and elite connections, could lead to at least five trillionaires within ten years.
LONDON — The wealth of the world’s billionaires has skyrocketed in 2024, with a significant rise in fortunes due to inheritances and influential connections, according to Oxfam's annual inequality report released Monday.
In just one year, the combined wealth of the world’s richest individuals surged from $13 trillion to $15 trillion, marking the second-largest annual increase in billionaire wealth since Oxfam began tracking it. The charity’s report highlights the accelerating pace at which the wealthiest are growing their fortunes, with predictions that the emergence of five trillionaires could occur within the next decade.
Oxfam’s findings contrast starkly with the stagnation of global poverty levels. Despite economic growth, the number of people living below the poverty line has remained largely unchanged since 1990, with nearly 44% of the global population surviving on less than $6.85 a day. Meanwhile, the top 1% of the world’s population now owns almost 45% of all wealth.
“The wealth gap has reached unimaginable proportions, with the richest few gaining unprecedented power and influence,” said Oxfam International Executive Director Amitabh Behar. “The failure to regulate billionaire wealth has led to a rise in not only billionaire wealth accumulation, but also the emergence of potential trillionaires.”
The report reveals that 60% of billionaire wealth is derived from inheritance, monopoly control, or crony capitalism, with less and less wealth being earned through individual effort or innovation.
Oxfam’s “Takers Not Makers” report comes at a time when billionaire influence is gaining attention on the global stage, especially as figures like Donald Trump and Elon Musk, a close ally of Trump, continue to solidify their power. Musk, CEO of Tesla, is projected to become the world’s first trillionaire by 2027, with a current net worth of about $440 billion.
This growing concentration of wealth has prompted concerns from political leaders. U.S. President Joe Biden recently expressed alarm over an “oligarchy” forming in America, citing the extreme concentration of wealth and power among a select few.
Oxfam is calling for urgent action to address these disparities. The charity is urging governments worldwide to ensure that the wealth of the top 10% does not exceed that of the bottom 40%. It also advocates for stronger regulations on monopolies and a global tax framework to ensure that the ultra-rich pay their fair share.
Behar warned, "The wealth flooding into the accounts of the super-rich, instead of being invested in essential public services like education and healthcare, is not only harmful to the economy — it’s detrimental to humanity. The so-called ‘self-made’ billionaires are often heirs to vast fortunes, benefiting from unearned privileges and perpetuating a new aristocracy.”
Oxfam’s report underscores the need for systemic changes in global economic policies to address the deepening divide between the wealthy elite and the majority of the global population.