Billionaire wealth surges by $2 trillion as Oxfam warns of rising inequality at Davos

Billionaire wealth increased by $2 trillion in 2024, growing three times faster than the previous year, according to Oxfam. The group warns of a "new aristocracy," predicting at least five trillionaires by 2034, up from one previously expected. The World Economic Forum in Davos, Switzerland, is hosting around 3,000 attendees, including global leaders and industry elites. Discussions will focus on economic growth, AI, and political changes, while protests highlight ongoing inequality issues. Oxfam reports that the number of billionaires rose to 2,769, with the wealthiest seeing gains of nearly $100 million daily. Despite this, poverty levels have remained largely unchanged since 1990, with many living on less than $6.85 per day.