A Wealthy Divide: Billionaires Soar Amid Global Inequity

In 2024, billionaire wealth surged by USD 2 trillion, outpacing previous years, as highlighted in Oxfam's inequity report. This increase starkly contrasts with stagnant global poverty levels. Oxfam emphasized that most billionaire wealth is unearned and called for policies to redress this imbalance, including taxation and reparations.

Billionaire fortunes soared by USD 2 trillion in 2024, reaching a total of USD 15 trillion, growing three times faster than in the previous year. The Oxfam International report, issued at the World Economic Forum, contrasts this surge with stagnant poverty levels globally.

According to the report, Asia's billionaires added USD 299 billion to their wealth in 2024, with predictions of future trillionaires. The report criticizes the unfair accumulation of wealth, stating that 60% is derived from inheritance, monopolistic control, or cronyism.

Oxfam calls for global action to tax the wealthiest and address historical injustices, drawing connections between extreme wealth and colonial exploitation. Despite economic needs, wealth continues to concentrate in the hands of a few, leaving vital public services underfunded.

(With inputs from agencies.)