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We managed to stop the growth of the number of poor people, but not the rich

The state of all billionaires in the world increased three times faster in 2024

Jan 20, 2025 11:25 63

We managed to stop the growth of the number of poor people, but not the rich  - 1

The total wealth of all billionaires in the world grew by $ 2 trillion in 2024, which is three times faster than in 2023, according to a report by the international charity and humanitarian organization Oxfam.

„The absorption of our global economy by a privileged few has reached heights that were once considered unimaginable. The failure to stop billionaires is now creating future trillionaires. It is not only the speed at which billionaires amassed wealth that has accelerated - threefold. Their power has also increased dramatically“, Oxfam CEO Amitabh Behar quoted the report as saying.

According to the organization's statistics, in 2024 the number of billionaires increased to 2,769 people compared to 2,565 a year earlier. Their total wealth increased from $13 trillion to $15 trillion.

At the same time, the number of people living in poverty has remained virtually unchanged since 1990, the organization explains. This trend threatens the global community by concentrating power in the hands of billionaires, which allows them to influence industry and public opinion, as well as form monopolies.

The organization believes that in order to reduce growing inequality in the world, it is necessary to reform tax policy everywhere. Of particular note is the fact that half of the billionaires live in countries where there is no inheritance tax for direct descendants. This factor contributes to the formation of an aristocracy, which in turn increases the disparity of capital between the global South and the North, the report says.