In 2024, the world’s billionaires saw their wealth increase by $2 trillion, with the number of billionaires rising to 2,769 from 2,565 the previous year.
Oxfam’s recent report highlights that 60% of billionaire wealth stems from “inheritance, monopoly power, or crony connections”. The richest 1% in the Global North reportedly extracted $30 million an hour from the Global South through the financial system in 2023.
This rapid growth, averaging nearly four new billionaires each week, contrasts sharply with the unchanged global poverty levels since 1990.
Amidst these disparities, Oxfam predicts the emergence of at least five trillionaires in the next decade. The organisation is calling for governments to take action to reduce inequality, dismantle monopolies and address the historical harms of colonialism. Specifically, the report urges reforms in global tax policies, the abolition of tax havens, and restructuring of international financial institutions to ensure fair representation of Global South countries.
