The wealth of billionaires is increasing, which is contributing to the escalating global inequality

According to a report by Oxfam International, the wealth of billionaires increased at an alarming rate in 2024, with their fortunes expanding three times as quickly as they did the previous year. The wealth of the wealthiest individuals increased by $2 trillion, which is equivalent to approximately $5.7 billion per day.

In the interim, the number of individuals subsisting on less than $6.85 per day has remained constant since 1990, indicating that global poverty has not changed. According to Oxfam, the number of trillionaires that will arise in the next decade will be significantly greater than the number that was previously predicted.

The results underscore a global economic divide that is expanding as the wealth of billionaires continues to surpass that of the general populace. Simultaneously, the World Economic Forum (WEF) in Davos, Switzerland, is hosting a gathering of the political and financial elite to deliberate on global economic strategies.

Oxfam criticizes these gatherings, emphasizing that billionaires continue to influence policies in a manner that is primarily advantageous to their interests, thereby perpetuating a perilous concentration of power. In 2024, the number of billionaires increased by 204, and the 10 wealthiest individuals experienced a daily increase in their fortunes of nearly $100 million.

Oxfam's report emphasizes that the global focus remains on issues that primarily benefit the elite, despite demands for systemic change, such as the dismantling of monopolies and the imposition of higher taxes on the affluent. The wealthy continue to consolidate power, resulting in the marginalization of issues such as climate change and economic inequality.

Protests in Davos are indicative of the increasing dissatisfaction among demonstrators, who are advocating for greater action on economic equality. Nevertheless, the disparity between the affluent and the impoverished is expected to widen even further as populist leaders such as Donald Trump gain prominence.