Wealth Growing Three Times Faster in 2024

The wealth of billionaires worldwide is growing at an unprecedented pace, with new billionaires emerging rapidly. According to Oxfam's latest report, titled "Takers Not Makers", an average of four new billionaires were created every week last year. The report was released on the opening day of the World Economic Forum's Annual Meeting in Davos, Switzerland, as part of Oxfam's tradition of spotlighting global inequality.

Wealth Growing Three Times Faster in 2024

In comparison to 2023, the wealth of the world's richest individuals has grown three times faster in 2024. Billionaires collectively amassed $2 trillion (Rs 170 lakh crore) in wealth in just one year. The report also revealed that the ten wealthiest individuals earned an average of $100 million daily in 2023. Even if they lost 99% of their wealth, they would still remain billionaires, highlighting the vast disparity between the wealthy and the rest of the population.

Meanwhile, the World Bank data shows that approximately 3.6 billion people, or nearly half the global population, lived on less than $6.85 a day in 2023. Despite economic crises, conflicts, and climate change since 1990, the number of people living in extreme poverty has decreased significantly, Oxfam noted.

Colonial Wealth Extraction from India

Oxfam's report also shed light on historical exploitation, estimating that the wealth extracted from India during British colonial rule (1765–1900) is now valued at $64.82 trillion. More than half of this wealth is concentrated in the hands of the top 10% of Britain's richest individuals, amounting to $33.8 trillion. Remarkably, even if London were covered with £50 notes four times over, it would still fall short of this value.

Key Highlights from Oxfam's Report:

1. Elon Musk's Wealth Soars: Musk’s net worth has surpassed $400 billion, and he is projected to become a trillionaire soon.
2. Trillionaires on the Horizon: By 2034, the world could see five trillionaires, up from just one predicted a year ago.
3. Wealth Doubling Amid the Pandemic: From 2020 to 2023, billionaire wealth doubled, while nearly 500 million people fell into poverty during the same period.
4. Stark Regional Inequalities: Income disparities are most pronounced in the Global South, where 20% of income is concentrated among the top 1% in regions like Africa, Asia, and the Middle East. This figure is double that of Europe.
5. Unequal Labor Returns: Workers in low- and middle-income countries, who make up 90% of the global labor force, receive only 21% of global income.
6. Global Wealth Distribution: The Global North, comprising just 20% of the world’s population, controls 70% of the world's wealth.
7. Need for Reforms: Structural reforms in global institutions like the United Nations, World Bank, and IMF are essential to bridge income inequality.

The report underscores the growing divide between the wealthy and the rest, calling for urgent measures to address economic inequality on a global scale.