Billionaire wealth explodes by $2 trillion in 2024, Oxfam report finds

Billionaire wealth skyrocketed by $2 trillion in 2024, reaching an unprecedented $15 trillion—equivalent to $5.7 billion amassed daily, according to an Oxfam report released today. This marks a sharp acceleration, with wealth growing three times faster than the previous year and representing the second-largest annual increase on record.

In 2024, 204 individuals joined the billionaire ranks, bringing the total to 2,769—up from 2,565 in 2023. The report predicts that at least five trillionaires could emerge within the next decade. “The wealth of the world’s ten richest men grew by nearly $100 million daily. Even if they lost 99% of their fortunes, they would still remain billionaires,” the report stated.

Oxfam International flagged the widening chasm between soaring billionaire wealth and stagnant global poverty, which has seen little change since 1990, per World Bank data. Amitabh Behar, Executive Director at Oxfam International, warned of the dire implications of unchecked wealth concentration. “The global economy has been captured by a privileged few, accelerating the creation of billionaires and soon-to-be trillionaires. This unprecedented wealth accumulation reflects not just economic inequality but growing political and social power for the ultra-rich.”

The report also revealed that inheritance, monopolistic practices, and cronyism account for 60% of billionaire wealth, with 36% stemming directly from inheritance. Forbes found that every billionaire under 30 inherited their wealth, while UBS estimates over 1,000 billionaires will pass down $5.2 trillion to heirs within the next two to three decades.

Highlighting global inequality, the report labelled the dominance of northern countries as a form of modern-day colonialism. These countries hold 69% of global wealth, 77% of billionaire wealth, and are home to 68% of billionaires, despite representing just 21% of the world’s population. In 2023, the richest 1% in the global north extracted $30 million every hour from the global south through financial systems.

The report further spotlighted wage disparities, noting that migrant workers in wealthy nations earn 13% less than their local counterparts, a gap that widens to 21% for women migrants.

Behar criticised the myth of the "self-made billionaire," stating, “The ultra-rich claim their wealth is a result of skill, grit, and hard work. In reality, most wealth is accumulated, not earned. Untaxed inheritances perpetuate a new aristocracy, where vast fortunes and power remain locked in the hands of a few.”