Oxfam reports surge in billionaire wealth as first trillionaires loom
nbcnews.com — January 20, 2025, 08:01 AM UTC
Oxfam's annual report reveals that billionaire wealth increased from $13 trillion to $15 trillion in 2024, marking a significant rise. The report highlights that 60% of this wealth comes from inheritance and connections, rather than individual achievement. The richest 1% now own nearly 45% of global wealth, while 44% of people live below the World Bank poverty line. Oxfam predicts the emergence of at least five trillionaires within a decade, with Elon Musk potentially leading this trend. Oxfam calls for changes in global economic rules to address wealth inequality. They urge governments to ensure that the top 10% do not earn more than the bottom 40% and advocate for stricter regulations on monopolies and fair tax policies.