The Blubber

Billionaire wealth skyrocketed in 2024 as the world’s richest individuals increasingly benefited from inheritance and well-placed connections, according to Oxfam’s latest annual inequality report.

The combined wealth of the world’s billionaires rose from $13 trillion to $15 trillion in just one year, marking the second-largest annual increase since Oxfam began tracking such data, the global charity said Sunday.

At the same time, the number of people living in poverty has remained virtually unchanged since 1990, Oxfam reported, citing World Bank data. The wealthiest 1% of the population now controls nearly 45% of global wealth, while 44% of the world’s population lives on less than $6.85 per day—the World Bank’s poverty threshold.

As the fortunes of the ultra-rich grow faster than previously anticipated, Oxfam predicts the world will see its first trillionaires within a decade.

“The capture of our global economy by a privileged few has reached levels we once thought unimaginable,” said Amitabh Behar, executive director of Oxfam International.

“The failure to rein in billionaire wealth has paved the way for soon-to-be trillionaires. Not only has the pace of their wealth accumulation tripled, but so has their influence,” he said.

Oxfam’s report emphasizes the surge in “unmerited wealth,” noting that 60% of billionaire fortunes now come from inheritance, monopolies, or political connections.

The “Takers Not Makers” report was released as billionaire Donald Trump returns to the White House, while more than 3,000 global leaders from over 130 countries gather for the World Economic Forum’s annual meeting in Davos.

Tesla CEO Elon Musk, a close Trump ally, is on track to become the world’s first trillionaire by 2027, according to a report from Informa Connect Academy. Musk’s current net worth stands at approximately $440 billion, according to the Bloomberg Billionaires Index.

In his farewell address this week, outgoing U.S. President Joe Biden warned about the rise of an American oligarchy dominated by extreme wealth and influence.

“People should be able to make as much as they can,” Biden said. “But they should also play by the same rules and pay their fair share of taxes.”

Oxfam is calling on governments to ensure that the incomes of the top 10% do not exceed those of the bottom 40%. The group advocates for global economic reforms that break up monopolies, impose stricter corporate regulations, and implement fairer global tax policies to ensure the wealthiest contribute more.

“Money that’s flowing into the pockets of billionaires instead of being invested in teachers and medicines is not just bad for the economy—it’s bad for humanity,” Behar said.

“So many of the so-called ‘self-made’ billionaires are actually heirs to massive fortunes passed down through generations of privilege. Untaxed inheritance worth billions is an affront to fairness and locks power in the hands of a select few, creating a new aristocracy,” he added.