Irish billionaires see €13 billion wealth increase as Davos meeting begins

A new report from Oxfam reveals that Irish billionaires increased their wealth by €13 billion in 2024, with two new billionaires joining the ranks. This growth contrasts with the ongoing global wealth gap, as the world's billionaires gained €1.9 trillion overall. The report highlights significant disparities between wealthy nations and poorer countries, noting that the richest 1% in the Global North extracted €29 million per hour from the Global South in 2023. It emphasizes that 36% of billionaire wealth is inherited, challenging the notion that such wealth is solely based on merit. Oxfam's findings coincide with the World Economic Forum in Davos and the inauguration of Donald Trump as U.S. President. The report calls attention to the concentration of wealth and power, urging a reevaluation of global economic structures and their impact on inequality.