There are growing disparities across the world today, as an “aristocratic oligarchy” accumulates wealth to unforeseen levels, according to a report released by development organization Oxfam.
Released ahead of the World Economic Forum (WEF) in Davos, the report titled ‘Takers Not Makers’ says billionaire wealth soared by $2 trillion (€1.94 trillion) in 2024, a three-fold increase faster than the previous year.
While the richest 1% now own 45% of the world’s wealth, 44% of humanity lives on less than $6.85 a day and global poverty rates have barely changed since 1990, the report said.
“We present this report as a stark wake-up call that ordinary people around the world are being crushed by the enormous wealth of a few,” said Amitabh Behar, executive director of Oxfam.
The rich are getting richer and richer
The report also predicts that the world’s first trillionaires will emerge over the next decade, with the wealth of the richest 10 billionaires increasing by $100 million per day on average over the past 10 years.
Last year saw the emergence of 204 new billionaires, with total wealth increasing by $2 trillion in 2024.
Behar warned that an economic system has been created in which “billionaires are now able to shape economic and social policies, which ultimately brings them more and more profits.”
The report also highlights that one in ten women worldwide live in extreme poverty, earning less than $2.15 a day. It further adds that women provide 12.5 billion hours of unpaid work per day, representing an estimated contribution of $10.8 trillion to the global economy, three times the value of the industry global technology.
Trump’s policies could fuel inequality
US President Donald Trump also found mention in the Oxfam report, as his policies, including tax cuts and deregulation, are criticized for potentially fueling inequality and further enriching billionaires – including Elon Musk – a major supporter of Trump’s re-election campaign.
“The crown jewel of this oligarchy is a billionaire president, backed and bought by the richest man in the world, Elon Musk, who runs the largest economy in the world,” Behar said.
In Davos, protesters holding banners reading “tax the rich” and “burn the system” gathered ahead of the summit expected to focus largely on economic strategies, artificial intelligence and global conflicts .
Its 3,000 attendees include world leaders and business executives.
ss/jsi (AP, AFP, dpa)
