Billionaire wealth surges by $3 trillion in 2024, Oxfam reports

Oxfam's latest report reveals that billionaire wealth increased by $3 trillion in 2024, three times faster than the previous year. The average billionaire earned $3.2 million daily, while the top ten earned over $150 million each day. In Australia, billionaires made an average of $67,000 per hour, 1,300 times more than the average worker. The report highlights that 35% of billionaire wealth is inherited, with mining magnate Gina Rinehart as the richest Australian. The report criticizes global inequality, linking it to historical colonialism. It notes that the richest 1% owns 45% of global wealth, while 3.5 billion people remain in poverty.