Billionaires' wealth grew by $2 trillion in 2024 - The growth rate was 3 times faster than a year ago
The wealth of the world's billionaires grew by $2 trillion in 2024, three times faster than the year before, reaching $5.7 billion a day, according to an Oxfam report.
The latest report from the charity reveals that the world is on track to have five trillionaires within a decade, a change from last year's prediction of one trillionaire within 10 years.
Oxfam's examination of billionaire assets also coincides with the inauguration of Donald Trump as US president. Trump is expected to include several billionaires in his team of close advisers, including Tesla and SpaceX chief executive Elon Musk, and offer large-scale tax breaks for the wealthiest Americans.
At the same time, the number of people living below the World Bank's poverty line of $6.85 a day has barely changed since 1990 and is close to 3.6 billion, equivalent to 44% of the world's population today. One in 10 women lives in extreme poverty, on less than $2.15 a day, according to Oxfam.
The report warned that progress in poverty reduction had stalled and that extreme poverty could be ended three times faster if inequality were reduced.
Globally, the number of billionaires increased by 204 last year, reaching 2,769. Their combined wealth went from $13 trillion to $15 trillion in just 12 months, the second-largest annual increase since records began. The wealth of the world’s 10 richest people increased by an average of almost $100 million a day. Even if they lost 99% of their wealth overnight, they would still be billionaires.
According to the Forbes billionaires list, the richest people in the world are Tesla CEO Elon Musk; Amazon founder Jeff Bezos; Mark Zuckerberg, co-founder of Facebook and Meta; Larry Ellison, co-founder of Oracle; and LVMH (Louis Vuitton-Mouth-Hennessy) founder Bernard Arnault.
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