Oxfam Report: Billionaires’ Wealth Skyrocketed in 2024 Amid Growing Inequality
Global inequality reached alarming new heights in 2024 as the world’s richest individuals saw their wealth grow at unprecedented rates, according to a recent report by Oxfam. A report, published before the World Economic Forum in Davos, reveals that four new billionaires were created every week last year. This highlights a stark contrast between the wealthy elite and those struggling to make ends meet.
Billionaire Wealth Hits New Highs
The Oxfam report shows that, in 2024, billionaires’ wealth soared. Rising stock markets, booming tech, and strong finance drove this. According to the organization, the wealthiest 1% of the global population captured nearly two-thirds of all new wealth generated last year—an amount equivalent to $42 trillion.
“While many struggle with rising living costs, the ultra-rich are reaping huge gains,” said Gabriela Bucher, Executive Director of Oxfam International. “This extreme concentration of wealth is both unsustainable and immoral.”
Economic Disparities Widen
The surge in wealth among billionaires is contrasted starkly by the financial struggles faced by much of the world’s population. According to Oxfam, over 1.7 billion workers globally saw their wages stagnate or decline in real terms during the same period. Additionally, the rising costs of food, energy, and housing disproportionately affected low-income households, exacerbating existing inequalities.
Public Backlash and Growing Awareness
The Oxfam report arrives at a time of growing public frustration with economic inequality. Protests for a fairer distribution of wealth are growing worldwide. Many are demanding corporate accountability and action against tax evasion.
The report has fueled discussions at the World Economic Forum. Leaders from business, politics, and civil society are urged to prioritize sustainability and equity.
