On January 26, 2018, US President Donald Trump delivered a speech at the Davos Convention Center (C), the venue for the annual World Economic Forum (WEF) in the town of Davos, eastern Switzerland, People pass by the big screen. / AFP Photo/ Miguel Medina (Photo credit should read MIGUEL MEDINA/AFP via Getty Images)
Miguel Medina | AFP | Getty Images
Billionaire wealth is set to surge in 2024 as the world’s richest people increasingly benefit from inheritances and strong connections, according to Oxfam’s latest annual inequality report.
The combined wealth of the world’s richest people has increased from $13 trillion to $15 trillion in just 12 months, the global charity said on Sunday. This is the second-biggest annual increase in billionaire wealth since Oxfam recorded it.
Meanwhile, the number of people living in poverty has changed little since 1990, the charity said, citing World Bank data. Data shows that the richest 1% own nearly 45% of the wealth, while 44% live below the World Bank’s poverty line of $6.85 a day.
Oxfam now expects there will be at least five trillionaires within a decade as the wealth of the world’s richest people rises faster than previously predicted.
“The control of the global economy by a privileged few has reached levels once thought unimaginable,” said Amitabh Behar, executive director of Oxfam International.
“The failure to stop billionaires is now creating soon-to-be trillionaires. Not only are billionaires accumulating wealth three times faster, but their power is also accelerating,” he said.
The report highlights the rise in “undeserved wealth”, showing that 60% of billionaire wealth now comes from inheritance, monopoly or “nepotism” power.
Oxfam’s “Taker, Not Creator” report comes as billionaire Donald Trump returns to the White House and 3,000 leaders from more than 130 countries prepare to attend the World Economic Forum’s annual meeting in Davos .
Elon Musk, CEO Tesla Trump’s closest allies are on track According to a report by Informa Connect Academy, he will become the world’s first trillionaire by 2027. He is currently worth approximately $440 billion Bloomberg Billionaires Index express.
U.S. President Biden, who is outgoing office this week warn “The United States is forming an oligarchy of extreme wealth, power and influence.”
“People should be able to make as much money as possible but play by the same rules and pay their fair share of taxes,” Biden said in his farewell address.
Oxfam urges governments to commit to ensuring that the top 10% of the world’s population does not earn more than the bottom 40%. The charity said global economic rules should be adjusted to break up monopolies, and more corporate regulation and global tax policies should be adjusted to ensure the rich pay their fair share.
Oxfam’s Behar said the flow of money into the bank accounts of the super-rich, rather than much-needed investment in teachers and medicines, was “not only bad for the economy but bad for humanity”.
“Many so-called ‘rags to riches’ are actually heirs to vast wealth passed down through generations of unearned privilege. The multi-billion dollar estate tax exemption is an affront to equity and locks in wealth and power The new aristocracy exists permanently.
