The world’s billionaires increased their wealth by $2 trillion (£1.64 trillion) in 2024, growing three times faster than in 2023. This equates to $5.7 billion (£4.7 billion) gained daily, according to Oxfam’s latest inequality report, Takers Not Makers.

The report warns that the global economic system is enabling this rapid accumulation of wealth while nearly half the world’s population remains in poverty. Oxfam projects that the world could have five trillionaires within the next decade—a sharp rise from its earlier forecast of one trillionaire in the same period.

The report was released as global leaders, corporate executives, and the ultra-wealthy gather at the World Economic Forum in Davos. It also coincides with Donald Trump’s inauguration as US president, where he is expected to appoint billionaires as advisors, including Tesla and SpaceX CEO Elon Musk, and introduce substantial tax breaks for America’s richest citizens.

A troubling disparity

Oxfam highlights a troubling disparity: While billionaire wealth skyrocketed, the number of people living below the World Bank poverty line of $6.85 a day remains stagnant at 3.6 billion—44% of the global population. Extreme poverty disproportionately affects women, with one in ten living on less than $2.15 a day, meaning 24.3 million more women than men endure such conditions.

Progress in poverty reduction has stalled, and Oxfam asserts that reducing inequality could triple the pace of eradicating extreme poverty.

The UK leads the G7 nations in billionaire wealth concentration. Wealth among UK billionaires rose by £35 million daily to £182 billion in 2024, adding four new billionaires: Mark Dixon of IWG, Sunder Genomal of Page Industries, Donald Mackenzie of CVC, and Jim Thompson of Crown Worldwide.

Globally, the number of billionaires grew by 204 in 2024, reaching 2,769. Their collective wealth soared from $13 trillion to $15 trillion, marking the second-largest annual increase on record. The 10 richest men saw their wealth grow by an average of $100 million per day. Even if they lost 99% of their fortunes, they would remain billionaires.

Dive deeper

Jeff Bezos, founder of Amazon and now worth $219.4 billion, dominates online retail in Europe, while Aliko Dangote, Africa’s richest person with $11 billion, holds a cement monopoly across the continent.

Oxfam’s analysis indicates that 60% of billionaire wealth comes from inheritance, cronyism, and corruption, or monopolistic practices, with 18% derived solely from monopoly power.

Oxfam’s inequality policy lead, Anna Marriott, stated, “Last year we predicted the first trillionaire could emerge within a decade, but this shocking acceleration of wealth means that the world is now on course for at least five. The global economic system is broken, wholly unfit for purpose as it enables and perpetuates this explosion of riches, while nearly half of humanity continues to live in poverty.”

She urged governments, including the UK, to adopt economic policies aimed at reducing inequality through higher taxation on the super-rich.

Marriott emphasized, "Huge sums of money could be raised, to tackle inequality here in the UK and overseas and provide crucial investment for our public services. For the first time, with the groundbreaking G20 agreement to cooperate on taxing the world’s super-rich [last July], there is genuine momentum to implement fairer taxation globally."