Mon Jan 20 07:55:07 UTC 2025: ## Billionaire Wealth Explodes as Davos Elite Gather: Oxfam Report

**Davos, Switzerland** – Global billionaire wealth surged by a staggering $2 trillion in 2024, a three-fold increase over the previous year, according to a new Oxfam International report released Monday. This explosive growth, detailed in the report titled “Takers Not Makers,” coincides with the annual World Economic Forum (WEF) meeting in Davos, bringing the total wealth of the world’s billionaires to $15 trillion.

The report reveals a dramatic increase in the number of billionaires, with 2,769 individuals now holding this title – a rise of 204 from the previous year. Oxfam notes that at least four new billionaires were created each week in 2024, with a significant portion (three-fifths) of this wealth stemming from inheritance, monopolies, or “crony connections.” The organization predicts the emergence of at least five trillionaires within the next decade, a far cry from its previous forecast of only one.

Oxfam’s Executive Director, Amitabh Behar, stated that the concentration of wealth in the hands of a few has reached “unimaginable heights,” and the failure to address this is creating a new class of trillionaires. Behar highlights the alarming rate of wealth accumulation, averaging $2 million per day for the average billionaire and $100 million per day for the top ten. Even a 99% wealth loss wouldn’t remove their billionaire status, the report points out.

This stark contrast is juxtaposed against the stagnant number of people living below the poverty line and the rising number of hungry people globally. The report uses data from sources like Forbes and the World Bank.

The WEF meeting, hosting around 3,000 attendees including President-elect Donald Trump, provides a backdrop for Oxfam’s criticism of policies that exacerbate inequality. Behar directly criticizes the incoming administration and its ties to wealthy individuals, viewing the situation as a “jewel in the crown of the global oligarchies.” Oxfam calls for government action, including taxing the wealthy, breaking up monopolies, capping CEO pay, and regulating corporations to ensure living wages.

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