Global Billionaire Wealth Surges by $2 Trillion in 2024
According to the latest annual Oxfam inequality report, global billionaire wealth grew by an astonishing $2 trillion in 2024, equivalent to roughly $5.7 billion a day. This rate of growth is three times faster than the previous year, highlighting the ever-increasing concentration of wealth among the super-rich.
Five Trillionaires Expected Within a Decade
The world is now on track to see five trillionaires within a decade, a stark contrast to the 3.5 billion people still living in poverty, a number that has barely changed since 1990 according to the World Bank. The report warns that progress on poverty reduction has slowed down significantly and that reducing inequality could end extreme poverty three times faster.
Wealth Inequality and Solutions
Oxfam’s report, titled Takers Not Makers, calls for bold solutions to radically reduce inequality and promote fairness in our economies. It emphasizes the need to address the monopolistic concentration of power that allows billionaires to exert influence over industries and public opinion.
In 2024, the number of billionaires rose to 2,769 from 2,565 in the previous year, with their combined wealth surging from $13 trillion to $15 trillion. This marks the second-largest annual increase in billionaire wealth on record, with the wealth of the world’s ten richest men growing by almost $100 million a day.
Impact on the UK
UK billionaires saw their collective wealth increase by £35 million ($44m) a day in 2024, reaching a total of £182 billion ($231bn). This growth has created four new billionaires, bringing the total to 57. The report highlights the need for economic policies that reduce inequality and support higher taxation on the super-rich to address the widening wealth gap.
Colonialism and Unmerited Wealth
The report also examines the role of colonialism in shaping today’s extreme levels of inequality, emphasizing that much of billionaire wealth is unearned. It underscores the need to address historical wealth extraction and promote fair taxation to build more equal societies both domestically and globally.
Overall, the report calls for urgent action to address wealth inequality and promote economic policies that prioritize fairness and equality. With the momentum for global cooperation on taxing the super-rich, there is a unique opportunity to create a more equitable world for all.
