The year 2024 witnessed a significant increase in global billionaire wealth, highlighting a growing disparity between the ultra-wealthy and the general population. According to Oxfam International's report, billionaire wealth grew by $2 trillion in 2024, a rate three times faster than the previous year. This surge brought the total number of billionaires to 2,769, up from 2,565 in 2023, with their combined wealth rising from $13 trillion to $15 trillion in just 12 months. Despite this substantial accumulation of wealth among the richest individuals, the number of people living in poverty has remained largely unchanged since 1990, according to World Bank data. This persistent inequality underscores the need for policy interventions aimed at addressing wealth distribution and promoting economic equity.
In the United States, the number of billionaires increased to 835, up from 751 in the previous year, with their combined wealth climbing to $5.8 trillion from $4.6 trillion. This growth was primarily driven by significant gains in the industrial and technology sectors. Conversely, in China, the number of billionaires declined to 427 from 520, and their total wealth fell to $1.4 trillion from $1.8 trillion, attributed to losses in the real estate market and economic uncertainties. India saw an increase in billionaires to 185, with their wealth rising to almost $906 billion. These regional variations highlight the complex factors influencing billionaire wealth accumulation globally.
Oxfam's report also predicts the emergence of at least five trillionaires within the next decade, a significant increase from the previous forecast of one trillionaire. The report emphasizes that 60% of billionaire wealth now comes from inheritance, monopoly power, or crony connections, suggesting that a substantial portion of this wealth is unearned. This concentration of wealth raises concerns about economic inequality and the influence of the ultra-wealthy on global economic policies.
In response to these trends, Oxfam urges governments to implement measures such as increased taxation on the wealthy and the dismantling of monopolies to address the growing economic disparities. The organization also calls for structural reforms to ensure that economic growth benefits a broader segment of the population, aiming to reduce inequality and promote sustainable development.