Income

Report: Global Billionaires' Wealth Tripled Growth Rate in 2024

JAN 20 2025·Updated JAN 21 2025

Story

Above: The neighborhood of Boa Viagem in Brazil, Oct. 09, 2016. Image credit: Diego Herculano/NurPhoto via Getty Images

The Facts

Oxfam International has reported that the growth of wealth of the world's billionaires tripled in 2024 over the previous year. The global advocacy group's report said that the cumulative value of their wealth rose by $2T to $15T last year.
France 24
Al Jazeera
The Oxfam report estimated that the wealth of the world's 10 richest men rose $100M per hour on average in 2024. Yet, it also said that the number of people living under the World Bank's poverty line (around 3.6B) has hardly fallen since 1990.
SBS News
guardian
Oxfam also cited the World Bank's estimation that global poverty won't end in 100 years if the current levels of inequality continue, urging governments to ensure that the income of the richest 10% do not exceed that of the poorest 40%.
Oxfam International
CNBC
The report — titled "Takers not Makers" — said that most of the billionaires' wealth was "taken, not earned," with 60% derived through inheritance, cronyism, or monopoly power. The report, released Monday, comes as the world's elite prepares for the World Economic Forum in Davos.
Oxfam International
NDTV
RFI
Speaking on wealth distribution, Oxfam executive director Amitabh Behar referred to US Pres.-elect Donald Trump and billionaire Elon Musk as "the crown jewel of this oligarchy." He added that it was not only the wealth of the super-rich that had accelerated, but also their power.
RFI
Forbes
Behar's comments follow outgoing US Pres. Joe Biden's warning of an “oligarchy taking shape in America of extreme wealth, power and influence.” Oxfam has further predicted the rise of the world's first trillionaires in the next decade.
CNBC
Dw.Com

Sources Split

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The Spin

Left narrative

The staggering acceleration of billionaire wealth — tripling its growth rate in 2024 compared to 2023 — paints a stark picture of our world's deepening divides. While five trillionaires are expected to emerge within a decade, billions remain trapped in poverty, a situation unchanged since 1990. This extreme concentration of wealth isn't earned: 60% of it comes from inheritance, cronyism, or monopoly power.

Oxfam International

Joseph Rowntree Foundation

Right narrative

While headlines about accelerating billionaire-wealth growth grab attention, this high-profile critique reminds us to examine inequality statistics carefully. When factoring in often-omitted government transfers, tax impacts, and demographic shifts, the picture can change dramatically. Reports of extreme wealth concentration may benefit from scrutiny to ensure that policy decisions are based on complete data.

Law & Liberty