Over the next decade, five people in the world will earn a fortune exceeding one trillion dollars, according to forecasts by the international aid organization Oxfam. The authors of the annual report warn that the richest people in the world are increasing their wealth faster and faster, using their monopoly influence in politics and the economy. They warn against the “new aristocracy” and “oligarchy”.
The value of billionaires' wealth increased by USD 2 trillion in 2024 and grew three times faster than a year earlier, while the number of people living below the poverty line has hardly changed since 1990 – emphasized in a report published before the World Economic Forum that starts on Monday ( WEF) in Davos.
“The pearl in the crown of this oligarchy”
– The takeover of our global economy by a small group of privileged people has reached heights once considered unimaginable. The failure to stop billionaires is now creating future trillionaires, said Amitabh Behar, executive director of Oxfam International, quoted in the release.
– The jewel in the crown of this oligarchy is the billionaire president, supported and bought by the richest man in the world, Elon Musk, at the head of the world's largest economy. We present this report as a loud warning that ordinary people around the world are being overwhelmed by the enormous wealth of a few,” Behar added, referring to the president-elect USA Donald Trump.
The number of billionaires increased from 2,565 to 2,769 in 2024. Their total wealth increased from USD 13 to USD 15 trillion within a year, Oxfam estimated, emphasizing that this is the second largest annual increase since such analyzes have been conducted.
The birth of the first trillionaires
According to Oxfam's forecasts, five people in the world will earn a fortune exceeding one trillion dollars in the next decade. CEO of Tesla and SpaceX, Elon Muskcurrently the richest person in the world with a fortune valued at $430 billion, will exceed this level in less than five years.
Shortly thereafter, the founder of Amazon will become trillionaires Jeff BezosOracle founder Larry Ellison, CEO of Meta Mark Zuckerberg and LVMH CEO Bernard Arnault and his family.
Most wealth comes from inheritance, not work
“Most of billionaires' fortunes are money they did not earn. 60% of billionaires' wealth comes from inheritance, monopoly power or crony connections, while many of the richest Europeans owe part of their wealth to historical colonialism and the exploitation of poorer countries,” the report said. .
– The ultra rich like to tell us that getting rich takes skill, persistence and hard work. But the truth is that most wealth is captured, not created. Many of the so-called “self-made” are actually heirs to vast fortunes, Behar said.
Oxfam called on governments to take quick action to dramatically reduce wealth inequality, tax the richest and stop the outflow of money from the global south to the developed north.
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