Billionaires' wealth surges as Oxfam predicts rise of trillionaires within a decade

Oxfam reports that the combined wealth of the world's billionaires increased from £10.5 trillion to £12.1 trillion in 2024, growing three times faster than in 2023. The charity now predicts five trillionaires could emerge within the next decade. The number of billionaires rose by 204 to a total of 2,769. The wealth of the ten richest individuals increased by nearly $100 million daily, while the number of people living in poverty has remained largely unchanged since 1990. Oxfam highlights that many billionaires' wealth stems from inheritance and monopolistic practices. The report coincides with concerns about wealth concentration, as global leaders gather for the World Economic Forum in Davos.