There is increasing disparity in the world today as an "aristocratic oligarchy" is amassing wealth at unforeseen levels, a report published by development organization Oxfam said. Published ahead of the World Economic Forum (WEF) in Davos,
The World Economic Forum kicks off in the Swiss Alpine resort on the same day as the presidential inauguration of Donald Trump.
Oxfam report said billionaire wealth grew by $2 trillion last year, or roughly $5.7 billion a day, three-times faster than in 2023.
Australian billionaires earn $67,000 an hour, according to a new report from Oxfam, which is 1300 times more than what everyday workers make.
The wealth of the world's 10 richest men grew US$100 million ($160 million) an hour on average last year, according to Oxfam's Takers Not Makers report, published on Monday.
In total, billionaire wealth skyrocketed by $2 trillion, adding more than 200 individuals to this cohort. The accumulation of riches at the very top is going so unchecked that Oxfam estimates there will be five trillionaires within the coming decade.
As global elites arrive in Davos for the annual World Economic Forum, the global advocacy group Oxfam reported that billionaires' wealth increased three times faster in 2024 than the previous year, and it warned of an emerging “aristocratic oligarchy” with enormous political clout,
Tesla and SpaceX CEO Elon Musk, currently the world’s richest person worth more than $430 billion, should cross the mark in just under five years. He will soon be joined by Amazon founder Jeff Bezos, Oracle founder Larry Ellison, Meta CEO Mark Zuckerberg and LVMH CEO Bernard Arnault and family.
Group’s report comes as the world’s political and financial elite prepare for an annual gathering in Davos, Switzerland.
The combined wealth of UK billionaires surged by a staggering £35 million per day in 2024, reaching a total of £182 billion, according to a new report by Oxfam. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.