Billionaire wealth surges in 2024 as poverty levels remain stagnant, Oxfam reports

A report from Oxfam International reveals that billionaire wealth grew three times faster in 2024 than in 2023, with an increase of $2 trillion. The number of billionaires rose to 2,769, and the wealthiest saw gains of nearly $100 million daily. Despite this wealth surge, the number of people living in poverty has remained largely unchanged since 1990. Oxfam highlights that many low- and middle-income countries are spending nearly half their budgets on debt repayments, while life expectancy in Africa lags behind Europe. As the World Economic Forum begins in Davos, discussions are expected to focus on economic growth and artificial intelligence. Protests for economic equality and calls for taxing the rich have also emerged, reflecting concerns over the widening wealth gap.