The value of billionaire assets increased in 2024 by 2 trillion dollars and grew 3 times faster than a year earlier, while the number of people surviving below the poorness line has barely changed since 1990 – highlighted in a study published before the planet economical Forum (WEF) in Davos, launched on Monday.
"The acquisition of our global economy by a tiny group of privileged people has reached a tallness previously considered unimaginable. The failure to halt billionaires is now creating future billionaires," the executive manager of Oxfam global Amitabh Behar quoted in the communication.
Ordinary people pressed by a handful
"The crownpiece of this oligarchy is the billionaire president, supported and bought by the richest man in the planet Elon Musk, at the head of the world's largest economy. We present this study as a loud informing signal that average people around the planet are overwhelmed by the tremendous wealth of a tiny handful," added Behar, referring to US President-elect Donald Trump.
The number of billionaires increased in 2024 from 2565 to 2769. Their full assets grew from $13 to $15 trillion over the year," Oxfam said, stressing that this is the second largest yearly increase since specified analyses have been carried out.
Undeserved Fortunes
According to the organization, most of the fortunes of billionaires are money they didn't earn. 60% of the wealth belonging to billionaires comes from inheritances, monopolistic power or comotor ties, while many of the wealthiest Europeans owe part of their assets to historical colonialism and exploitation of poorer countries - the study assessed.
“Ultra rich people like to tell us that wealth requires skill, perseverance, and hard work. But the fact is, most of the wealth is seized, not created. Many of the alleged “self-created” are in fact heirs of vast fortunes," said Behar.
Oxfam urged governments to take fast action to radically reduce wealth inequalities, taxation the wealthiest and halt the money drain from the global south to the developed north.
