Billionaires growing richer faster than ever, says Oxfam

There is increasing disparity in the world today as an "aristocratic oligarchy" is amassing wealth at unforeseen levels, a report published by development organization Oxfam said on Monday.

Published ahead of the World Economic Forum (WEF) in Davos, the report titled "Takers not makers" said billionaire wealth soared by $2 trillion (€1.94 trillion) in 2024, growing three times faster than the previous year.

While the richest 1% now own 45% of global wealth, 44% of humanity lives on less than $6.85 per day, and global poverty rates have barely changed since 1990, the report said.

"We present this report as a stark wake-up call that ordinary people the world over are being crushed by the enormous wealth of a tiny few," Oxfam executive director Amitabh Behar said.

The rich are getting richer

Another point raised in the report was the assertion that trillionaires are expected to emerge within the next decade, as the wealth of the richest 10 billionaires grew by $100 million per day on average, over the last 10 years.

Last year saw the emergence of 204 new billionaires, with total billionaire wealth increasing by $2 trillion in 2024.

Behar warned that an economic system has been created where "billionaires are now pretty much being able to shape economic policies, social policies, which eventually gives them more and more profit."

The report also pointed out that one in ten women globally lives in extreme poverty, earning less than $2.15 a day. It further added that women provide 12.5 billion hours a day of unpaid labour, adding an estimated $10.8 trillion to the global economy, three times the global tech industry's value.

Trump policies might fuel inequalities

US President Donald Trump also found a mention in the Oxfam report as his policies, including tax cuts and deregulation, are being criticised for potentially fueling inequality and further enriching billionaires — including Elon Musk — a major supporter of Trump's reelection campaign.

"The crown jewel of this oligarchy is a billionaire president, backed and bought by the world's richest man Elon Musk, running the world's largest economy," Behar said.

In Davos, protesters with banners reading "tax the rich" and "burn the system" gathered ahead of the summit expected to focus largely on economic strategies, artificial intelligence, and global conflicts.

Its 3,000 attendees would include world leaders and business executives.