Billionaires' wealth grows three times faster in 2024 as Davos meeting approaches

Billionaires' wealth increased three times faster in 2024 than in 2023, according to Oxfam International. The report highlights a growing wealth gap, predicting five trillionaires will emerge in the next decade, up from one previously forecasted. Oxfam's findings coincide with the World Economic Forum in Davos, where around 3,000 attendees, including business leaders and government officials, are expected. The report also notes that poverty levels have remained largely unchanged since 1990. Despite the wealth surge, many low- and middle-income countries are struggling with high debt repayments. Protests demanding economic equality and higher taxes on the rich have occurred ahead of the Davos meeting, which begins formally on Tuesday.