Billionaires’ Wealth Surges Amidst Growing Inequality Ahead of Davos Meeting
Billionaires’ wealth increased significantly in 2024, with a report from Oxfam International revealing that their fortunes grew three times faster than the previous year. The total wealth of billionaires rose by $2 trillion, averaging approximately $5.7 billion per day, bringing the total number of billionaires to 2,769. The ten richest individuals saw their wealth increase by nearly $100 million daily.
Oxfam’s report, released in conjunction with the upcoming World Economic Forum in Davos, Switzerland, predicts that at least five trillionaires will emerge in the next decade, a notable increase from its previous forecast of just one. Despite this wealth accumulation, the report highlights that the number of people living in poverty has remained stagnant since 1990, with millions surviving on less than $6.85 per day.
The organization called for governments to implement higher taxes on the wealthy, dismantle monopolies, and ensure living wages for workers. It also noted that low- and middle-income countries are dedicating nearly half their national budgets to debt repayments, exacerbating economic disparities. Life expectancy in Africa is reported to be just under 64 years, compared to over 79 years in Europe.
As the World Economic Forum prepares to host around 3,000 attendees, including political and business leaders, protests demanding economic equality and corporate accountability are expected. The annual meeting will focus on business opportunities, the rise of artificial intelligence, and ongoing global conflicts, while concerns about societal polarization and environmental issues remain prevalent.
