Billionaire wealth rises by $2 trillion in 2024, Oxfam reports

Billionaire wealth increased by $2 trillion in 2024, reaching $15 trillion, according to Oxfam. This growth is three times faster than in 2023, with 204 new billionaires created, averaging nearly four each week. Oxfam's report highlights that 60% of billionaire wealth comes from inheritance, monopoly power, or crony connections. The organization calls for global governments to tax the wealthy to address inequality and reduce extreme wealth concentration. The report also notes that the wealthiest 1% in the Global North extracted $30 million an hour from the Global South in 2023. Despite the surge in billionaire wealth, the number of people living in poverty has remained largely unchanged since 1990.