The total wealth of the world’s billionaires increased by $2 trillion (£1.64 trillion) last year, a pace three times faster than in 2023, reaching $5.7 billion (£4.7 billion) daily, according to an Oxfam report.
The charity’s latest inequality report shows that the world could have five trillionaires within a decade, a dramatic shift from last year’s prediction of just one trillionaire within ten years.
Titled Takers Not Makers, the report is released as political leaders, corporate executives, and the wealthiest individuals gather in Davos, Switzerland for the annual World Economic Forum from Monday.
Oxfam’s analysis of billionaire wealth coincides with Donald Trump’s inauguration as US president. Trump is anticipated to involve several billionaires in his close advisory team, including Elon Musk, CEO of Tesla and SpaceX, and to offer significant tax cuts to America’s wealthiest citizens.
Meanwhile, the number of people living below the World Bank’s poverty line of $6.85 a day has seen little change since 1990, affecting nearly 3.6 billion people, or about 44% of the global population.
Oxfam warns that efforts to reduce poverty have stalled, and that extreme poverty could be eradicated three times more quickly if inequality were addressed.
Much of the rise in billionaire wealth is attributed to surging stock values, with higher property prices also playing a significant role. Residential property makes up about 80% of global investments.
Globally, the number of billionaires grew by 204 last year, reaching 2,769. Their collective wealth surged from $13 trillion to $15 trillion in just one year—marking the second-largest annual growth since records began.
The 10 wealthiest individuals saw their fortunes grow by almost $100 million daily, and even if they lost 99% of their wealth, they would still retain their billionaire status.
These include Jeff Bezos, founder of Amazon, whose wealth of $219.4 billion is linked to Amazon’s dominance of online shopping in Germany, France, the UK, and Spain, and Aliko Dangote, Africa’s richest person with $11 billion, who controls Nigeria’s cement market and dominates much of the African cement industry.
The report argues that much of this wealth is “taken, not earned,” with 60% of it coming from inheritance, “cronyism and corruption,” or monopoly power. It estimates that 18% of the wealth comes from monopolistic control.
Oxfam advocates for bold action to “radically reduce inequality and embed fairness into global economies.”
Anna Marriott, Oxfam’s policy lead on inequality, stated: “Last year, we predicted the first trillionaire could emerge within a decade, but this shocking acceleration of wealth means the world is now on track for at least five. The global economic system is broken, entirely unfit for purpose, as it fosters this explosion of wealth while nearly half of humanity remains in poverty.”
