The group’s report comes as some of the world’s political and financial elite prepare for their annual gathering in Davos, Switzerland.

The wealth of the world’s billionaires will grow three times faster in 2024 than in the previous year, global advocacy group Oxfam International said, as some of the world’s political and financial elite prepare to attend their annual gathering in Davos, Switzerland.

The combined wealth of billionaires rose by $2 trillion last year to $15 trillion, Oxfam said in its latest assessment of global inequality released on Monday at the opening of the World Economic Forum (WEF) meeting.

this ReportThe article titled Takers Not Makers states that there are 2,769 billionaires in the world 2024an increase of 204 over the previous year. The report points out that at least four new billionaires are “born” every week of the year, and three-fifths of billionaire wealth comes from inheritance, monopoly power or “nepotism.”

Oxfam predicts that there will be at least five trillionaires in the next decade. A year ago, the organization predicted that there would be just one trillionaire in that period.

“The control of the global economy by a privileged few has reached heights once thought unimaginable. The failure to stop billionaires is now spawning soon-to-be trillionaires. Amitabh Behar, Executive Director, Oxfam International Billionaires have not only accumulated wealth three times faster, but their power has also increased, Prime Minister Amitabh Behar said in a statement.

The group warned that US President-elect Donald Trump’s policies “will further fan the flames of inequality”.

Oxfam says that on average, a single billionaire’s wealth increases by $2 a day. The 10 richest billionaires add an average of $100 million a day. The report said that even if they lost 99% of their wealth overnight, they would still be billionaires.

By contrast, the number of people living below the World Bank’s poverty line has “little changed” since the 1990s, the report said. people starve is rising.

The report is based on data including estimates of billionaire wealth from US business magazine Forbes and data from the World Bank.

The World Economic Forum meeting will take place on Monday in the Alpine village of Davos, with some 3,000 attendees expected, including business executives, academics, government officials and civil society leaders.

Trump, who visited Davos twice during his first term, is scheduled to be sworn in on Monday and is expected to participate in the forum via video on Thursday. He has long supported wealth accumulation — including his own — and counts billionaire Elon Musk as a senior adviser.

“What you’re seeing now is a billionaire president being sworn in today with the support of the richest man. So it’s almost the crown jewel of the global oligarchs,” Oxfam’s Behar said of Trump and Ma. Skshi said.

“It’s not about one particular person. It’s an economic system that we’ve created where billionaires are now able to pretty much set economic policy, social policy, and ultimately bring them more and more profits,” he added.

The group calls on governments to tax the richest to reduce inequality and extreme wealth and “dismantle the new aristocracy”. It also calls for measures such as breaking up monopolies, limiting CEO pay and regulating businesses to ensure they pay workers a “living wage”.