Billionaires’ wealth soared threefold in 2024; Oxfam warns of growing inequality ahead of Davos summit

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Billionaires’ wealth soared threefold in 2024; Oxfam warns of growing inequality ahead of Davos summit - Business Mirror

Quick Summary:

DAVOS, Switzerland—Billionaires’ wealth grew three times faster in 2024 than the year before, a top anti-poverty group reported on Monday as some of the world’s political and financial elite prepared for an annual gathering in Davos, Switzerland.

By contrast, at least four new billionaires were “minted” every week in 2024, and three-fifths of billionaire wealth comes from inheritance, monopoly power or “crony connections,” it said.

The continued rise of artificial intelligence as a tool for business to reap greater efficiencies will also again be a central theme in Davos, despite worries in many sectors that AI could upend many white-collar jobs and displace workers in an array of industries.