Billionaire wealth grew by $2 trillion (R37,29 trillion) in 2024, a rate that is three times faster than the previous year, according to Oxfam.
Image: Alexander Grey via Unsplash.
Billionaire wealth surged by $2 trillion (approximately R37.29 trillion) in 2024 alone, translating to an astonishing $5.7 billion (R106 billion) per day—three times faster than the previous year, according to Oxfam.
Alongside the surge in billionaire wealth, 204 new billionaires were minted in 2024, averaging nearly four billionaires each week
Last year, the number of billionaires rose to 2,769, up from 2,565 in 2023, while their combined wealth grew from $13 trillion (R241 trillion) to $15 trillion (R279 trillion) in just 12 months.
Oxfam said that the wealth of the ten richest men in the world grew on average by almost $100 million a day and even if they lost 99% of their wealth overnight, they would still be billionaires.
In 2024, Oxfam predicted the emergence of the first trillionaire within a decade but due to billionaire wealth accelerating at a faster pace, this projection has expanded dramatically.
At the current rate, the world is now expected to see at least five trillionaires within that time frame
Oxfam's 'Takers Not Makers' report reveals that a significant portion of billionaire wealth is largely unearned, with 60% now derived from inheritance, monopoly power, or crony connections.
Unmerited wealth and colonialism are two major drivers of billionaire wealth accumulation, according to Oxfam.
Oxfam estimates that 36% of billionaire wealth is now inherited, while research by Forbes indicates that every billionaire under the age of 30 has inherited their fortune. Additionally, UBS projects that over 1,000 billionaires will pass on more than $5.2 trillion in wealth to their heirs over the next two to three decades."
IOL Business
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