“Billionaires’ Fortunes Skyrocket in 2024 as Davos Elites Gear Up for Another Power Meeting”
The world’s richest saw their wealth grow three times faster in 2024 than the year before, Oxfam reports, as global inequality widens. The anti-poverty group predicts at least five trillionaires will emerge within a decade, a stark increase from last year’s forecast of just one. Their report, “Takers Not Makers,” highlights stagnant poverty levels since 1990, amplifying warnings about the dangers of wealth concentration.
Meanwhile, as Davos prepares to host 3,000 global elites, President-elect Donald Trump—an advocate of wealth accumulation and ally of multibillionaire Elon Musk—plans to address the forum virtually.
Billionaires Thrive as Poverty Stagnates: Oxfam Blasts Global Inequality Ahead of Davos
Amitabh Behar, Oxfam International’s executive director, slammed the concentration of wealth as President-elect Donald Trump, backed by Elon Musk, takes office. “Billionaires are now shaping economic and social policies for profit,” Behar warned, calling for higher taxes on the rich to dismantle the “new aristocracy.”
Oxfam’s latest report reveals billionaire wealth skyrocketed by $2 trillion in 2024—$5.7 billion a day—while poverty rates remain unchanged since 1990. Despite economic growth in markets like tech and crypto, 3 out of 5 billionaires owe their wealth to inheritance, monopolies, or cronyism.
The World Economic Forum begins Tuesday, likely spotlighting AI’s potential for profit and ongoing global crises like conflicts and climate change. Protesters already block Davos roads, demanding action on inequality and corporate accountability.
