Billionaire wealth skyrocketed in 2024, rising from $13 trillion to $15 trillion in just one year, according to Oxfam’s annual inequality report. This marks the second-largest annual increase on record, with Oxfam predicting the emergence of at least five trillionaires within the next decade.

Despite this surge in wealth, global poverty remains stagnant. The richest 1% now control nearly 45% of the world’s wealth, while 44% of humanity lives on less than $6.85 per day, according to World Bank data. Oxfam’s report highlights that 60% of billionaire wealth comes from inheritance, monopolies, or crony connections, rather than self-made achievements.

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Outgoing President Joe Biden warned of a growing oligarchy, emphasizing the need for billionaires to “play by the same rules” and pay their fair share in taxes. Oxfam echoed this call, urging governments to implement policies that reduce income inequality, regulate monopolies, and ensure the wealthy contribute more to global tax systems.

As billionaires like Elon Musk near trillionaire status, critics argue that unchecked wealth exacerbates inequality and undermines investment in critical public services like education and healthcare. Oxfam’s Executive Director Amitabh Behar called this concentration of wealth “an affront to fairness,” warning it perpetuates a modern aristocracy where privilege and power remain entrenched.

The report coincides with the World Economic Forum’s Davos meeting, where 3,000 global leaders are set to discuss economic policies. As the wealth gap widens, Oxfam’s call to action challenges governments to prioritize equity over privilege in shaping the global economy.