Billionaires' wealth grows three times faster in 2024, Oxfam reports ahead of Davos

Billionaires' wealth increased three times faster in 2024 compared to 2023, according to Oxfam International. The group also predicts the emergence of at least five trillionaires in the next decade, up from a previous forecast of one. Oxfam's report highlights a persistent issue, stating that global poverty levels have not significantly changed since 1990. The findings coincide with the upcoming World Economic Forum in Davos, Switzerland, which will host around 3,000 attendees. The report criticizes the concentration of wealth and power among the ultra-rich. Oxfam calls for government action to tax the wealthy and implement measures to reduce inequality, including breaking up monopolies and ensuring fair wages for workers.