DAVOS, Switzerland — Amid the opulence of the World Economic Forum (WEF) in Davos, Oxfam International has released a damning report that illuminates the widening chasm between the world’s billionaires and the rest of society. The charity’s analysis reveals that the wealth of the planet’s billionaires ballooned by $2 trillion in 2024 alone, marking the second-highest annual increase since Oxfam began tracking such data.
This monumental growth in billionaire fortunes came during a year when the global economy was still recovering from various shocks, including the aftermath of the COVID-19 pandemic, geopolitical tensions, and economic instability in several regions. According to Oxfam, the wealth of these elite individuals grew at a rate three times faster than in the previous year, with projections indicating that we could see the world’s first five trillionaires within the next decade if current trends continue.
Oxfam’s report, titled “Inequality Inc.,” was strategically released to coincide with the Davos gathering, where global leaders, business magnates, and influencers discuss the world’s economic direction. The charity highlighted that nearly four new billionaires were created weekly in 2024, largely through inheritance, monopolistic business practices, or what Oxfam terms “crony connections” with political figures.
Amitabh Behar, Oxfam’s Executive Director, condemned the juxtaposition of the Davos event with the stark reality of global inequality. “While the rich and powerful gather in Davos to discuss their profits, billions are left behind in poverty,” Behar remarked. He pointed out the irony of a billionaire president, Donald Trump, being inaugurated on the same day the report was released, with Trump’s administration being closely linked to figures like Elon Musk, the world’s richest person at that time.
The report dives deep into the mechanisms fueling this wealth disparity, including tax evasion, corporate profits, and the exploitation of labor in developing countries. Oxfam’s data shows that in low- and middle-income countries, governments are spending nearly half their budgets on debt servicing, leaving little for public services like health and education. This situation is particularly acute in Africa, where life expectancy lags significantly behind that in more affluent regions like Europe.
Oxfam proposes a series of radical policy changes to address this inequality, such as implementing higher taxes on wealth, including a one-off solidarity wealth tax, and ending what it calls “corporate profiteering.” The report suggests these measures could raise significant funds to combat poverty and reduce inequality worldwide.
However, the charity laments the apparent decline in corporate commitment to progressive causes, with fewer companies supporting initiatives like the UN Global Compact, which encourages businesses to adopt sustainable and socially responsible policies. This shift, according to Oxfam, indicates a broader retreat from the social responsibility rhetoric that once dominated corporate boardrooms.
As the Davos Forum kicks off, with its agenda filled with discussions on economic recovery, climate change, and technological advancements, Oxfam’s report serves as a critical reminder of the human cost of unchecked capitalism. Critics and activists attending the forum are likely to use this data to advocate for a more equitable global economic system, challenging the attendees to consider not just profit but the planet’s and its inhabitants’ well-being.