World saw four new billionaires every week in 2024: Oxfam report

A new Oxfam report shed light on the widening wealth gap between the ultra-rich and the rest of the world. In 2024, billionaire wealth soared by $2 trillion — three times faster than in 2023 — creating an average of four new billionaires each week, totalling 204 for the year.

Meanwhile, the economic divide remains glaring. The report noted that despite crises in the economy, climate, and global conflicts, the number of people living in poverty has scarcely changed since 1990. According to World Bank data, 3.6 billion people—nearly half the global population—lived on less than $6.85 a day in 2023.

Takers Not Makers: A stark reminder at Davos

The report, titled “Takers Not Makers”, coincides with the World Economic Forum in Davos, where global leaders gather to discuss issues like geopolitical shocks, economic growth, and energy transition. According to Oxfam, the world’s 10 richest men collectively earned an average of $100 million daily in 2024 — wealth so immense that even losing 99% of it would still leave them billionaires.

Elon Musk, the world’s richest man with a net worth exceeding $400 billion, could soon aim for trillionaire status. Oxfam has predicted that at the current pace, the world could see its first five trillionaires by 2034—up from a single trillionaire predicted just a year ago.

Widening global divide

Oxfam’s findings underscore the pandemic’s role in accelerating wealth disparity. While billionaire wealth doubled between 2020 and 2023, nearly five billion people became poorer during the same period. The disparity is starker in the Global South, where the richest 1% in regions like Africa, Asia, and the Middle East receive 20% of all income—double the share of their counterparts in Europe.

The report also revealed that workers in low- and middle-income countries, who make up 90% of the global labour force, receive just 21% of global income. Additionally, the Global North controls over two-thirds of global wealth, despite representing just one-fifth of the global population.

“Nearly 60 years after the end of the colonial period, the global economy remains structured to siphon wealth from the Global South to the Global North,” the report observed.

Oxfam has proposed radical measures to address income inequality. These include:

– A United Nations-backed global tax system.

– Inheritance taxes to reduce accumulated wealth.

– Structural reforms at institutions like the UN, World Bank, and IMF to amplify representation from the Global South.