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The report found that billionaire wealth will increase by $2 trillion by 2024, or about $5.7 billion a day, three times faster than in 2023.
The non-governmental organization Oxfam released a report on January 20 showing that the assets of billionaires around the world in 2024 increased three times faster than the previous year.
Oxfam predicts that at least five people will own at least $1 trillion in assets in the next decade, much higher than the prediction made by one person a year ago.
Billionaire wealth increased by $2 trillion last year, or about $5.7 billion a day, three times faster than in 2023, according to Oxfam.
The number of billionaires increased by 204 to 2,769 people and the assets of the world's 10 richest people increased by an average of nearly 100 million USD/day.
Oxfam also said that at least four new billionaires will emerge every week in 2024 and three-fifths of billionaire wealth comes from inheritance, monopoly power or "crony connections."
In contrast to the rapid rise in billionaires, Oxfam pointed to persistent poverty, with the number of people living on less than $6.85 a day “barely changing” since 1990.
Oxfam's research reinforces outgoing US President Joe Biden's warning last week about "the dangerous concentration of power in the hands of a few extremely wealthy people."
Like Mr Biden's call for billionaires to "start paying their fair share," Oxfam called on governments to tax the richest to reduce inequality and extreme wealth and "dismantle the neo-aristocracy."
TB (summary)