Billionaire Wealth Skyrockets in 2024 Amid Rising Inequality

Global billionaire wealth surged from $13 trillion to $15 trillion in 2024, marking the second-largest annual increase since Oxfam began tracking wealth data, the charity revealed in its annual inequality report on Monday.

Meanwhile, the number of people living in poverty has seen little improvement since 1990, according to World Bank data cited by Oxfam. Currently, the richest 1% control nearly 45% of global wealth, while 44% of the population lives below the poverty line of $6.85 per day.

At this accelerated pace of wealth accumulation, Oxfam predicts that the world will see at least five trillionaires within the next decade.

"Unprecedented Economic Capture"

“The capture of our global economy by a privileged few has reached unimaginable heights,” said Amitabh Behar, Executive Director of Oxfam International. He noted that billionaire wealth accumulation has tripled in speed, accompanied by growing influence and power.

Oxfam's report, titled "Takers Not Makers," highlights the prevalence of "unmerited wealth," revealing that 60% of billionaire wealth now stems from inheritance, monopolies, or "crony connections."

Elon Musk and the Rise of Trillionaires

According to a report from Informa Connect Academy, Tesla CEO Elon Musk is on track to become the world’s first trillionaire by 2027. Musk, a close ally of President Donald Trump, currently has a net worth of $440 billion, according to the Bloomberg Billionaires Index.

Inequality Deepens as Billionaire Power Grows

Outgoing President Joe Biden recently warned of an emerging “oligarchy of extreme wealth, power, and influence” in the United States. “People should be able to make as much as they can, but play by the same rules and pay their fair share in taxes,” Biden said during his farewell address.

Oxfam is calling on governments to adopt measures ensuring that the top 10% earn no more than the bottom 40%, alongside policies aimed at breaking up monopolies, strengthening corporate regulations, and implementing fairer global tax systems.

Behar criticized the growing concentration of wealth, saying, “Untaxed billions passed down through generations of privilege perpetuate a new aristocracy, locking wealth and power into the hands of a few. This is not just harmful to the economy — it’s harmful to humanity.”

The report comes as billionaire Donald Trump returns to the White House and global leaders gather in Davos for the World Economic Forum, where issues of inequality and economic fairness are expected to take center stage.