April 3, 2025 9:03 pm
Full News

Billionaire Wealth Explodes by $2 Trillion in 2024, Oxfam Warns of a New Gilded Age at Davos

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.

Related News
Israel Will Not Allow Palestinians to Enter Al-Aqsa During Ramadan
U.S. Again Rejects Ukraine’s NATO Membership Possibility
Abu Dhabi Boosts Film Rebate to 50% to Draw Global Productions
Kejriwal Demands to Congress’s Expulsion from INDIA Alliance
No Irregularities Found Against Tulip: UK PMUK PM ‘Saddened’ by Tulip’s Resignation
389 Migrants Rescued Off the Coast of Spain’s Canary Islands
Related Posts
Elon Musk to Step Down from Government Role
Elon Musk’s Cost-Cutting Team Sends Error-Ridden Termination Notices to USAID Staff
Finland’s President Urges France or Britain to Engage with Russia on Ukraine
Controversial Waqf Bill Passed in India’s Lok Sabha
Israeli Forces Used Palestinians as ‘Human Shields’
World Leaders React to Trump’s Tariff Imposition
More News

Los Angeles is burning in a devastating wildfire; at least 1,200 acres affected

The U.S. state of Los Angeles is battling a massive wildfire. Initially, the fire broke out over a 20-acre area, but within hours, it spread to 1,200 acres. To prevent casualties, residents in the surrounding areas have been advised to evacuate to safer locations. The wildfire started around 10:30 a.m. local time. Due to winds […]

Elon Musk’s Involvement Dominates Record-Breaking Wisconsin Supreme Court Race

Madison, Wisconsin – Voters in Wisconsin are heading to the polls on April 1 to elect a new justice for the state’s Supreme Court in a contest that has set a record as the most expensive judicial race in U.S. history. Over $90 million has been poured into the race by candidates, state parties, and […]

Secretary Blinken Visit Belgium, Peru, and Brazil from November 12 to 20, 2024

On November 12-13, Secretary of State Antony J. Blinken will travel to Brussels, Belgium, to meet with his NATO and European Union counterparts to discuss support for Ukraine’s defense against Russian aggression. Secretary Blinken will then fly to Lima, Peru, Manaus, Brazil, and Rio de Janeiro, Brazil, to attend President Joseph R. Biden’s annual Asia-Pacific […]

India and Indonesia Sign Agreements in Health, Security, and Multiple Other Sectors

India and Indonesia have signed a series of agreements in the fields of health, culture, maritime cooperation, security, and digital development. The agreements were finalized on Saturday, January 25, in the presence of Indian Prime Minister Narendra Modi and Indonesian President Prabowo Subianto. The British news agency Reuters reported the development. During a press conference […]

Statement from President Joe Biden on $1 Trillion in Private Sector Investments Under the Biden-Harris Administration

Statement from President Joe Biden on $1 Trillion in Private Sector Investments Under the Biden-Harris Administration When I took office, the pandemic was raging and the economy was reeling. From Day One, I was determined to not only deliver economic relief, but to invest in America and grow the economy from the middle out and […]

The Rise of Islamic Fundamentalism Threatens Music Culture in Bangladesh

Under Sheikh Hasina, Bangladesh was progressing as a secular and progressive nation. However, the government’s downfall came after being caught in a conspiracy led by Islamic fundamentalism. Following this, an interim government under Nobel laureate Dr. Yunus took charge, but in the last three months, the country has been plagued by unrest, causing disruption across […]

MTA Implements Turnstile Spikes to Combat Fare Evasion Amid Governor Hochul’s Subway Safety Initiative

In a concerted effort to address fare evasion within New York City’s subway system, the Metropolitan Transportation Authority (MTA) has introduced a new measure by installing spiked metal railings on turnstile handrails. This initiative aims to deter individuals from using the handrails as leverage to vault over the turnstiles, a method that has contributed to […]

TIB Report: 100 Days of Unprecedented Misrule Under the Yunus Government

The first 100 days of Dr. Muhammad Yunus-led interim government in Bangladesh have passed, marked by overall weak governance and widespread disorder, according to a report by Transparency International Bangladesh (TIB). The governance issues have significantly impacted former ruling Awami League activists and members of the Hindu community, with reports of unprecedented repression and human […]

Trump’s New Tariffs Hit Poorest Nations Hardest, Risking Economic Fallout

WASHINGTON – President Donald Trump’s newly announced reciprocal tariffs are set to hit some of the world’s poorest nations the hardest, threatening labor-intensive export industries and weakening one of the United States’ biggest economic advantages over China. Cambodia faces Asia’s highest tariff rate at 49%, while Bangladesh was hit with 37%, Laos with 48%, and […]

NATO Urges Full Investigation Into Azerbaijan Airlines Plane Crash That Killed 38

BRUSSELS – NATO on Thursday called for a thorough investigation into the Azerbaijan Airlines plane crash that claimed 38 lives near Aktau, Kazakhstan. “Our thoughts and prayers are with the families and victims of Azerbaijan Airlines flight J28243,” NATO spokesperson Farah Dakhlallah posted on the platform X. “We wish those injured a speedy recovery and […]