Global Elites’ wealth triples growth rate in 2024

Dhaka, 21 Jan  - The wealth of billionaires worldwide grew three times faster in 2024 than the previous year, with four new billionaires emerging each week, according to a report by Oxfam International.

Released to coincide with the opening of the World Economic Forum (WEF) in Davos, Switzerland, the study predicts the emergence of at least five trillionaires within the next decade, a stark increase from last year’s forecast of just one trillionaire.

The anti-poverty organisation’s findings underscore a “dangerous concentration of power in the hands of very few ultra-wealthy people,” as warned by outgoing US President Joe Biden. Titled “Takers Not Makers,” Oxfam’s report highlights that poverty levels have stagnated globally since 1990, while billionaire wealth surged by $2 trillion in 2024 alone—an average of $5.7 billion per day.

A Call to Address the ‘New Aristocracy’

Oxfam’s Executive Director, Amitabh Behar, criticised the growing influence of billionaires in shaping global economic and social policies. “The economic system we’ve created enables billionaires to further consolidate wealth, giving them unprecedented power over policy decisions,” he said, pointing to a broader systemic issue beyond individual fortunes.

This year’s Davos summit, attended by 3,000 business executives, academics, government officials, and civic leaders, opens amid growing concern about inequality.

President-elect Donald Trump—known for his pro-wealth policies and close ties to multibillionaire Elon Musk—is set to participate via video later this week. Critics, including Oxfam, argue that the world’s “new aristocracy” continues to benefit disproportionately from the current economic framework.

Oxfam’s recommendations include taxing the richest individuals, breaking up monopolies, capping CEO pay, and implementing regulations to ensure corporations pay living wages. “Governments must act decisively to dismantle this new aristocracy and create a more equitable economic system,” Behar stated.

The State of Global Poverty

While billionaire wealth flourishes, poverty persists. Oxfam’s analysis, using Forbes’ Real-Time Billionaire List and World Bank data, reveals that the number of people living on less than $6.85 per day has “barely changed” since 1990. It also notes stark global inequalities: low- and middle-income nations allocate nearly half their budgets to debt repayments, and life expectancy in Africa remains at 64 years compared to 79 years in Europe.

The group reported that 204 new billionaires were created in 2024, bringing the global total to 2,769. It also highlighted that three-fifths of billionaire wealth stems from inheritance, monopoly power, or “crony connections.”

Davos’ Focus Amid Growing Divides

Despite mounting calls for action, this year’s Davos agenda appears poised to focus on wealth generation and technological advancements. Artificial intelligence, in particular, is a key topic, with discussions centred on its potential to enhance business efficiencies despite fears of widespread job displacement.

The forum’s annual “Global Risks Report,” based on a survey of 900 experts, identified international conflicts as the top concern, followed by extreme weather, economic confrontations, and misinformation. Protests demanding greater economic equality have already begun, with activists blocking roads to Davos and disrupting the event’s logistics.

A Systemic Challenge

Oxfam’s findings and the broader themes of the Davos summit underline the urgent need for systemic change. While the ultra-wealthy continue to accumulate power and resources, the persistent stagnation of global poverty levels highlights the widening chasm between rich and poor. Whether the WEF’s attendees will address these disparities remains to be seen, but the calls for a fairer global economy are growing louder.