Jan 21, (V7N) - According to a report by Oxfam International, the wealth of billionaires worldwide grew three times faster in 2024 than the previous year, with four new billionaires emerging each week. This study was released to coincide with the opening of the World Economic Forum (WEF) in Davos, Switzerland, and predicts the emergence of at least five trillionaires within the next decade, a significant increase from last year's forecast of just one.

Concentration of Wealth and Power

Oxfam’s report, titled “Takers Not Makers,” highlights a troubling concentration of power among a select few ultra-wealthy individuals. Outgoing U.S. President Joe Biden has also warned about this phenomenon. The report notes that poverty levels have stagnated globally since 1990, while billionaire wealth surged by $2 trillion in 2024 alone, averaging $5.7 billion per day.Amitabh Behar, Oxfam’s Executive Director, criticized the growing influence of billionaires over global economic and social policies, stating that the current economic system allows for further consolidation of wealth and unprecedented power over policy decisions.

Davos Summit and Calls for Action

The Davos summit, attended by around 3,000 business executives, academics, government officials, and civic leaders, opens amid rising concerns about inequality. Criticism has been directed towards the world’s “new aristocracy,” which continues to benefit disproportionately from the existing economic framework.Oxfam recommends several actions to combat this issue:

Taxing the richest individuals

Breaking up monopolies

Capping CEO pay

Implementing regulations to ensure corporations pay living wages

Behar emphasized the need for governments to dismantle this new aristocracy to create a more equitable economic system.

State of Global Poverty

Despite the growth in billionaire wealth, poverty remains a persistent issue. Oxfam's analysis reveals that the number of people living on less than $6.85 per day has changed little since 1990. Additionally, stark global inequalities persist, with low- and middle-income nations allocating nearly half their budgets to debt repayments. Life expectancy in Africa is 64 years, compared to 79 years in Europe.The report indicates that 204 new billionaires were created in 2024, bringing the global total to 2,769. It also highlights that three-fifths of billionaire wealth derives from inheritance, monopoly power, or “crony connections.”

Davos Agenda and Global Risks

Despite ongoing calls for action, this year’s Davos agenda appears focused on wealth generation and technological advancements, particularly artificial intelligence. The annual “Global Risks Report,” based on a survey of 900 experts, identified international conflicts as the top concern, followed by extreme weather, economic confrontations, and misinformation. Protests demanding greater economic equality have already begun, with activists blocking roads to Davos.

Systemic Challenge Ahead

Oxfam's findings and the overarching themes of the Davos summit underscore the urgent need for systemic change. While the ultra-wealthy continue to accumulate power, the stagnation of global poverty levels illustrates the widening gap between the rich and the poor. The extent to which WEF attendees will address these disparities remains uncertain, but the demand for a fairer global economy is becoming increasingly urgent.

END/BUS/RH/