Billionaire Wealth Surged By $2 Trillion Last Year: Oxfam Report

In its flagship report released every year on the first day of the World Economic Forum Annual Meeting, Oxfam International noted the widening wealth gap between the ultra-rich and the rest of the world. As per the report, the wealth of the world’s billionaires grew by $2 trillion last year, three times faster than in 2023.

The report, entitled Takers Not Makers, noted that an average of nearly four new billionaires were minted every week. Last year, the number of billionaires surged to 2,769, up from 2,565 in 2023. Their combined wealth surged from $13 trillion to $15 trillion in just 12 months. It further said that Global North countries control 69% of global wealth, 77% of billionaire wealth, and are home to 68% of billionaires.

"The wealth of the world’s ten richest men grew on average by almost $100 million a day —even if they lost 99 percent of their wealth overnight, they would remain billionaires," Oxfam said. The report predicts that at the current pace, the world could witness its first five trillionaires by 2034, up from a single trillionaire predicted just a year ago.