Oxfam report shows billionaire wealth surged by nearly $3 trillion in 2023

A new Oxfam report reveals that billionaire wealth increased by nearly $3 trillion last year, with the world's 10 richest men gaining $100 million every hour. The total number of billionaires rose to 2,769, with their combined wealth reaching $15 trillion. Oxfam highlights that 60% of billionaire wealth is unearned, stemming from inheritance and monopolistic practices. Despite this wealth surge, the number of people living on less than $6.85 a day has remained largely unchanged since 1990. The report also notes that the richest 1% in wealthy countries extracted $30 million an hour from poorer nations in 2023. Oxfam warns that global wealth inequality is worsening, with significant disparities in life expectancy between regions.