Billionaire wealth rises to $15 trillion in 2024 as Oxfam forecasts five trillionaires by 2034

Billionaire wealth increased significantly in 2024, rising from $13 trillion to $15 trillion, according to Oxfam. This marks the second-largest annual increase since records began. The report highlights that 60% of billionaire wealth now comes from inheritance and connections. Oxfam predicts the emergence of at least five trillionaires within the next decade. The richest 1% own nearly 45% of global wealth, while 44% of people live below the World Bank poverty line of $6.85 per day. Oxfam calls for changes to global economic rules to address wealth inequality. The charity emphasizes the need for fair taxation and regulation to prevent monopolies, arguing that the current situation harms both the economy and society.