The billionaire’s wealth increased by 2 trillion dollars

According to Oxfam’s latest annual inequality report, billionaire wealth will increase in 2024 as the world’s richest people increasingly benefit from inheritance and powerful connections.

The global charity said on Sunday that the combined wealth of the world’s richest people has risen from $13 trillion to $15 trillion in just 12 months. This is the second biggest annual increase in the wealth of billionaires since Oxfam records began.

Meanwhile, the number of people living in poverty has remained virtually unchanged since 1990, the charity said, citing World Bank data. The data shows that the richest 1% of people own about 45% of all wealth, while 44% of humanity lives below the World Bank’s poverty line ($6.85 a day).

Oxfam now expects to see at least five trillionaires within a decade, as the wealth of the world’s richest people grows at a faster rate than previously predicted.

Oxfam International Executive Director Amitabh Behar said: “The capture of our global economy by a privileged few has reached heights once thought unimaginable.”

“Unstoppable billionaires are now soon to be trillionaires. Not only has the speed at which billionaires accumulate wealth tripled, but their power has also increased,” he said.

The report highlights the rise of “dishonourable wealth”, showing that 60% of billionaire wealth comes from inheritance, monopolies or the power of “kinship”.

Oxfam’s Not Takers 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 and is a close ally of Trump on the way According to the report of Informa Connect Academy, the world will be the first trillionaire by 2027. Currently, his fortune is about 440 billion dollars Bloomberg Billionaires Index shows.

US President Joe Biden, who left office this week warned The rise of “the formation of an oligarchy of immense wealth, power, and influence in America.”

“People should be able to earn as much as they can, but they should pay — play by the same rules, pay their fair share in taxes,” Biden said in his farewell speech.

Oxfam is calling on governments to commit to ensuring that the world’s top 10% earn no more than the world’s bottom 40%. According to the charity, global economic rules should be adjusted to allow monopolies to be broken up, and more corporate regulation and global tax policies should be aligned to ensure the rich pay their fair share.

Oxfam’s Behar says money flowing into the bank accounts of the super-rich instead of much-needed investment in teachers and medicine is “not only bad for the economy, but bad for humanity”.

“Many self-made people are actually inheritors of vast fortunes handed down through generations of unearned privilege. Tax-free multi-billion dollar inheritances are a travesty of justice, perpetuating a new aristocracy where wealth and power remain in the hands of a few,” he said.