Billionaire wealth soars three times faster by $2 trillion in 2024: Oxfam

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Billionaire wealth soars three times faster by $2 trillion in 2024: Oxfam - Business Standard

Quick Summary:

In its flagship inequity report released every year on the first day of the World Economic Forum Annual Meeting, Oxfam International contrasted the huge jump in the billionaire wealth with the number of people living in poverty barely having changed since 1990.

Billionaire wealth across the globe surged by USD 2 trillion in 2024 to USD 15 trillion at a rate three times faster than the previous year, a study showed on Monday here as the richest of the world began to assemble for their annual jamboree in this ski resort town.

Wealth of billionaires in Asia increased by USD 299 billion in 2024, Oxfam said while predicting that there will be at least five trillionaires within a decade from now.