Title: Record-Breaking Surge of Billionaire Wealth: $2 Trillion Gained in a Year
The global wealth of the wealthy elite surged by a staggering $2 trillion last year, a growth rate three times faster than in 2023, according to a recent report published by Oxfam ahead of the annual World Economic Forum (WEF) meeting in Davos, Switzerland. This gathering is a traditional gathering of billionaires, now in its 51st year.
The report revealed that a whopping 204 new billionaires emerged in 2024, with the U.S. contributing the most to this count, as well as seeing a significant surge in the net worth of its billionaires daily. The average daily increase in U.S. billionaires' net worth was approximately $3.9 billion last year, and a striking 74 new billionaires graced the 'land of the free' in this time frame.
In a chilling observation, Amitabh Behar, Oxfam International Executive Director, commented, "The capture of our global economy by a privileged few has reached heights once considered unimaginable. The failure to halt billionaire wealth accumulation has now begun spawning soon-to-be-trillionaires. Not only has the rate of billionaire wealth accumulation accelerated - by three times - but so too has their influence and power."
The report also pointed out that even in Washington D.C., where Donald Trump commenced his second term as President, billionaire influence will be significantly felt. Trump's team will be the wealthiest to ever rule the U.S. government, with an estimated net worth of over $450 billion. Oxfam states that at least 13 billionaires have been appointed to top roles in his administration.
Among the world's wealthiest figures, Elon Musk takes the top spot on the list with an approximate net worth of $427 billion. The second and third wealthiest are Amazon founder and executive chairman Jeff Bezos ($237 billion) and Facebook co-founder Mark Zuckerberg ($211 billion), both of whom are expected to attend the inauguration.
According to Oxfam's report, "Takers not Makers: The unjust poverty and unearned wealth of colonial inheritance" [1][2], Trump's worth spiked from around $2.5 billion to an estimated $6.1 billion in 2024. A critical portion of this increase is credited to his majority stake in Truth Social's parent company.
In a different context, Oxfam research also highlighted that more than a third of billionaire wealth can be attributed to inheritance. Research from investment bank UBS found that between 2012 and 2024, multigenerational billionaires inherited a total of $1.3 trillion.
Oxfam's Behar lamented, "The wealthy like to tell us that becoming rich is a product of skill, grit, and hard work, but truth be told, most wealth is taken, not made. So many of the self-made are actually heirs to vast fortunes passed down through generations of unearned privilege."
Interestingly, a global survey conducted by Pew Research Center last year showed widespread concern over economic inequality. Across 36 nations, a median percentage of 54% of respondents considered the wealth gap as a significant concern in their country. Moreover, the political influence of the wealthy was reported to contribute to economic inequality, according to 60% of those surveyed.
In conclusion, the report sheds light on the rapid wealth accumulation among the world's richest individuals, which is primarily driven by unearned wealth. Oxfam advocates for the need to address global inequality and reduce it through taxation and reforms to ensure a more equitable society.
The World Economic Forum (WEF) in Davos, Switzerland, where billionaires gather annually, saw a discussion about the staggering wealth increase of the elite, with Donald Trump's team set to be the wealthiest to ever rule the U.S. government at the event.
Despite TRUMP commencing his second term as President in Washington D.C., the report from Oxfam revealed that a significant portion of his wealth increase, from $2.5 billion to $6.1 billion in 2024, can be attributed to his majority stake in Truth Social's parent company.
