Oxfam reports billionaires' wealth surged in 2024 ahead of Davos meeting

Billionaires' wealth increased three times faster in 2024 compared to 2023, according to Oxfam International. The report coincides with the World Economic Forum in Davos, Switzerland, where global elites are gathering. Oxfam now predicts at least five trillionaires will emerge in the next decade, up from a previous estimate of one. The report highlights that poverty levels have remained largely unchanged since 1990. The World Economic Forum will host around 3,000 attendees, including business leaders and government officials. Oxfam calls for higher taxes on the wealthy and measures to reduce inequality and corporate power.