Billionaire wealth rises by $2 trillion in 2024 as Oxfam forecasts five trillionaires in next decade

Billionaire wealth increased by $2 trillion in 2024, three times faster than in 2023, according to Oxfam. The total billionaire count rose to 2,769, while the number of people living in poverty remained largely unchanged since 1990. Oxfam's report predicts at least five trillionaires will emerge in the next decade, up from a previous forecast of one. This surge in wealth accumulation is linked to the growing influence of billionaires on economic and social policies. The report highlights that low- and middle-income countries are spending nearly half their national budgets on debt repayments, surpassing their investments in education and healthcare. Life expectancy in Africa is significantly lower than in Europe.