The world’s billionaires have seen their wealth skyrocket by a staggering $2 trillion (£1.64 trillion) in 2024, a growth rate three times faster than the previous year, according to Oxfam’s latest inequality report, Takers Not Makers. This wealth accumulation equates to $5.7 billion (£4.7 billion) gained daily, raising serious concerns about the widening economic divide.
Oxfam’s report warns that while the world’s billionaires continue to amass wealth, nearly half of the global population—approximately 3.6 billion people—still live in poverty. The organization also predicts that the number of billionaires could soon give way to the rise of “trillionaires,” with the world on track to have five such individuals within the next decade, an alarming increase from earlier projections that anticipated just one trillionaire.
The report was released amidst the annual gathering of world leaders, corporate executives, and the ultra-wealthy at the World Economic Forum in Davos, coinciding with the inauguration of U.S. President Donald Trump, who is expected to appoint billionaires like Elon Musk as advisors and introduce significant tax cuts for the wealthiest Americans.
A Troubling Disparity
Oxfam highlights a troubling disparity: While billionaire wealth continues to surge, global poverty remains stagnant, with 44% of the world’s population—3.6 billion people—living below the World Bank’s poverty line of $6.85 a day. The report underscores that women are disproportionately affected by extreme poverty, with one in ten women living on less than $2.15 a day, marking 24.3 million more women in this dire situation compared to men.
Oxfam asserts that the persistence of global poverty, despite years of progress, highlights a broken economic system. The organization claims that reducing inequality could triple the pace of eradicating extreme poverty worldwide.
Wealth Concentration in the UK and Beyond
The UK stands out for its concentration of billionaire wealth within the G7 nations, with UK billionaires collectively seeing their fortunes increase by £35 million daily, reaching £182 billion in 2024. The country also saw the addition of four new billionaires this year: Mark Dixon of IWG, Sunder Genomal of Page Industries, Donald Mackenzie of CVC, and Jim Thompson of Crown Worldwide.
Globally, the number of billionaires grew by 204 in 2024, bringing the total to 2,769. Their combined wealth reached a record $15 trillion, the second-largest annual increase on record. The ten richest individuals saw their fortunes grow by an average of $100 million per day. Even if these billionaires lost 99% of their wealth, they would still retain their status as billionaires.
The Role of Inheritance, Cronyism, and Monopolies
Oxfam’s analysis reveals that 60% of billionaire wealth comes from inheritance, cronyism, and monopolistic practices, with 18% generated solely from monopoly power. The report stresses that this system of wealth accumulation perpetuates inequality, enriching a small elite while the majority of people struggle to make ends meet.
Anna Marriott, Oxfam’s inequality policy lead, expressed alarm at the rapid acceleration of wealth among the world’s ultra-wealthy. “The global economic system is broken,” Marriott said. “It enables and perpetuates this explosion of riches, while nearly half of humanity continues to live in poverty.”
Marriott called on governments, including the UK, to implement higher taxes on the super-rich, arguing that these funds could be used to tackle inequality both at home and abroad. She pointed to the G20 agreement reached last July as a hopeful step toward fairer global taxation, which could raise significant funds to invest in crucial public services.
The findings in Oxfam’s report underscore the urgent need for policy changes to address the growing wealth gap. As billionaire fortunes swell, the number of people living in poverty remains alarmingly high, and poverty reduction efforts have stalled. Oxfam urges governments to take swift and decisive action to implement fair taxation policies and reduce the overwhelming concentration of wealth in the hands of a few.
