Oxfam: World’s first trillionaires to emerge within a decade
The development organization Oxfam predicts that the world’s first trillionaires could emerge within the next decade. The report highlights that the wealth of the ten richest billionaires has grown by an average of $100 million per day over the past ten years.
In 2024 alone, the world saw 204 new billionaires, bringing the total wealth of billionaires up by $2 trillion, three times faster than the previous year. This unprecedented growth highlights the stark divide between the rich and the poor.
Oxfam’s report notes that the richest 1% now control 45% of global wealth, while 44% of the world’s population survives on less than $6.85 per day. The report emphasizes that global poverty levels have remained stagnant since 1990.
Released ahead of the World Economic Forum in Davos, the report, titled “Takers, Not Makers”, underscores rising inequality, where an “aristocratic oligarchy” is amassing wealth at unprecedented levels. Oxfam warns this trend has significant economic and social implications.
Amitabh Behar, Oxfam’s Executive Director, described the findings as a wake-up call, stating, “Ordinary people across the globe are being crushed by the immense wealth of a select few.” He added that billionaires now have the power to shape policies that further increase their wealth.
The report also highlights the gendered nature of inequality, with one in ten women globally living in extreme poverty, earning less than $2.15 per day. Women collectively contribute 12.5 billion hours of unpaid labor daily, estimated to add $10.8 trillion to the global economy—three times the value of the global tech industry.
As global billionaires like Elon Musk, Jeff Bezos, and Bernard Arnault continue to dominate wealth rankings, their growing economic influence raises concerns about fairness, equality, and policy-making. The report calls for urgent action to address wealth inequality and its profound impact on society.
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