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.
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.
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.”
A report released by Oxfam, a development organization, stated that an “aristocratic oligarchy” is accumulating wealth at unprecedented levels, leading to a growing disparity in the modern world.
According to the “Takers Not Makers” report, which was released in advance of the World Economic Forum (WEF) in Davos, billionaire wealth increased by $2 trillion (€1.94 trillion) in 2024, growing three times faster than the year before.
According to the report, global poverty rates have hardly changed since 1990, and 44% of people live on less than $6.85 per day, while the richest 1% now own 45% of the world’s wealth.
Oxfam executive director Amitabh Behar stated, “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.”.
Rich people are becoming richer.
The wealthiest 10 billionaires increased by an average of $100 million every day over the past ten years, according to the report, which also forecasted that the first trillionaires would appear in the next ten years.
204 new billionaires were created last year, and by 2024, the total wealth of billionaires will have increased by $2 trillion.
“Billionaires are now pretty much able to shape economic policies, social policies, which eventually gives them more and more profit,” Behar cautioned, referring to the emerging economic system. “,”.
One out of ten women worldwide, according to the report, live in extreme poverty and make less than $2 to $15 per day. It also stated that women contribute an estimated $10 trillion to the global economy, which is three times the value of the tech sector worldwide, by performing 12.5 billion hours of unpaid labor every day.
The policies of Trump could exacerbate inequality.
The Oxfam report also included a reference to US President Donald Trump, whose policies, such as tax cuts and deregulation, are being criticized for possibly perpetuating inequality and further enriching billionaires, including Elon Musk, a key backer of Trump’s reelection quest.
Behar declared, “The crown jewel of this oligarchy is a billionaire president, backed and bought by the richest man in the world, Elon Musk, who is running the largest economy in the world.”.
Before the summit, which is anticipated to primarily focus on economic strategies, artificial intelligence, and international conflicts, demonstrators with banners that read “tax the rich” and “burn the system” gathered in Davos.
Business executives and world leaders are among the 3,000 people who attend.
AP, AFP, and DPA ss/jsi.