Billionaire wealth skyrocketed by $2 trillion in 2024, reaching an astounding $15 trillion, according to Oxfam International’s annual inequality report. Released on the opening day of the World Economic Forum (WEF) in Davos, the report revealed that billionaire wealth grew three times faster in 2024 than in the previous year. It stands as a glaring contrast to the stagnant progress in reducing global poverty, which has barely improved since 1990.

Oxfam’s findings highlight the stark disparities in wealth distribution, noting that billionaire fortunes increased by an average of $5.7 billion per day. The number of billionaires rose to 2,769 in 2024, up from 2,565 the year before, with 204 new billionaires minted—an average of nearly four per week. Asia led the way with 41 new billionaires, and the region's total billionaire wealth grew by $299 billion.

Unprecedented Wealth Growth and the Rise of Trillionaires

Oxfam predicts that the world will see its first trillionaires within the next decade, as wealth continues to concentrate among a small elite. The organization’s report, titled "Takers, Not Makers", attributed much of this wealth to unearned sources.

It found that 60% of billionaire wealth comes from inheritance, monopolistic practices, or crony connections. Specifically, 36% is inherited, 18% is derived from monopolistic power, and 6% stems from cronyism.

The report criticized the modern economic system for enabling such massive wealth accumulation, calling it "modern-day colonialism." Oxfam cited the Global North’s extraction of $30 million per hour from the Global South in 2023 through financial systems, further exacerbating inequalities. Despite accounting for only 21% of the global population, the Global North controls 69% of global wealth, 77% of billionaire wealth, and is home to 68% of the world’s billionaires.

Historical Exploitation and Modern-Day Inequality

Oxfam highlighted the historical roots of inequality, noting how European wealth has been built on colonial exploitation. It cited the fortune of Vincent Bolloré, a French billionaire whose empire partly originated from colonial activities in Africa. The organization argued that colonialism is not just a historical atrocity but a continuing force that shapes today’s extreme inequalities.

The report emphasized the urgency of reparations and systemic reforms to address past harms. “The capture of our global economy by a privileged few has reached heights once considered unimaginable,” said Oxfam Executive Director Amitabh Behar. “The failure to stop billionaires is now spawning soon-to-be trillionaires. Ordinary people are being crushed by the enormous wealth of a tiny elite.”

Gender and Migration Inequalities

Oxfam also shed light on the inequalities faced by marginalized groups, particularly women and migrant workers. Citing International Labour Organization (ILO) data, the report noted that women in informal economies are often in the most vulnerable positions, such as domestic or home-based work. Migrant workers in high-income countries earn 12.6% less than nationals, with migrant women facing a pay gap of 20.9% compared to male nationals—significantly wider than the overall gender pay gap of 16.2%.

These inequalities reflect systemic biases that perpetuate economic disparities. Women and migrant workers often lack access to the protections and opportunities afforded to other groups, further entrenching cycles of poverty.

Call for Redistribution and Systemic Reforms

Oxfam urged governments to take immediate action to curb extreme wealth concentration. The organization called for higher taxes on the wealthiest individuals, dismantling monopolistic practices, and reinvesting in public services like education, healthcare, and job creation. It also emphasized the importance of ending financial systems that disproportionately benefit the Global North at the expense of the Global South.

Behar stressed the need for structural changes, stating, “The money desperately needed in every country to invest in teachers, buy medicines, and create good jobs is being siphoned off to the bank accounts of the super-rich. This is not just bad for the economy—it is bad for humanity.”

Record Wealth Accumulation Amid Global Struggles

The report pointed out that the $2 trillion surge in billionaire wealth in 2024 was the second-largest annual increase on record, following a $5.8 trillion jump in 2021 during the COVID-19 pandemic. The wealth of the world’s ten richest men grew by nearly $100 million per day in 2024. Even if these individuals lost 99% of their wealth, they would still remain billionaires, underscoring the extreme concentration of wealth.

Oxfam highlighted the disconnect between billionaire wealth and the broader struggles of ordinary people. The World Bank reported that the number of people living on less than $6.85 a day has barely changed since 1990, despite significant economic growth globally.

The Cost of Inaction

Oxfam’s findings present a stark wake-up call for world leaders gathering in Davos. The report argues that the current trajectory of wealth accumulation is unsustainable and detrimental to global economic stability. Without significant reforms, the divide between the ultra-rich and the rest of the world will continue to widen, deepening social and economic inequalities.

By highlighting the systemic issues driving wealth concentration and inequality, Oxfam’s report calls for urgent action to create a more equitable global economy. It warns that without meaningful change, the world risks entrenching an oligarchic system where wealth and power are concentrated in the hands of a few, at the expense of the many.