In 2024, Oxfam reported that billionaire wealth had surged, with the combined wealth of the world’s wealthiest individuals increasing from $13 trillion to $15 trillion in just 12 months. This increase in wealth was driven by inheritance and powerful connections, with 60% of billionaire wealth now coming from inheritance, monopoly, or crony connections. Despite this, the number of people living in poverty has remained relatively unchanged since 1990, with the richest 1% owning nearly 45% of all wealth and 44% of humanity living below the World Bank poverty line of $6.85 per day.
Oxfam warned that the world could soon see at least five trillionaires within a decade if current trends continue. This concentration of wealth has led to concerns about the power and influence of billionaires, with Elon Musk being projected to become the world’s first trillionaire by 2027. Outgoing President Joe Biden also expressed concern about the increasing wealth and influence of the super-rich, calling for fair taxation and economic policies to address inequality.
Oxfam is urging governments to ensure that the incomes of the top 10% do not exceed those of the bottom 40% globally. The charity is also calling for reforms to break up monopolies, increase corporate regulation, and implement global tax policies to ensure that the wealthy pay their fair share. According to Oxfam, the concentration of wealth among the super-rich is not only detrimental to the economy but also to humanity as a whole.
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