April 25, 2025 11:10 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
Harris and Trump Tie in Dixville Notch Midnight Vote, Marking Start of Election Day
Captain America 4 to Be One of MCU’s Shortest Films
Sam Heughan’s Bond Hopes Fade as Taylor-Johnson and Mescal Lead
Another Plane Crash in the United States, 1 Dead
Elton John Slams Marijuana Legalization: One of the Greatest Mistakes of All Time
Man Arrested Following Discovery of Teenager’s Body in Sydney’s South-West Bushland
Related Posts
Pakistan Supported Terrorism for the West, Admits Defence Minister
Trump to Propose $100 Billion Arms Deal with Saudi Arabia
UN Chief Urges India and Pakistan to Exercise Restraint
U.S. Secretary of State: Iran Must Abandon Nuclear Program Completely
Jordan Bans Muslim Brotherhood Over Security Concerns
Exchange of Gunfire Between Indian and Pakistani Troops at Kashmir Border
More News

Guy Pearce Explains Why He Didn’t Work with Christopher Nolan After Memento

Actor Guy Pearce recently revealed that he didn’t collaborate with director Christopher Nolan after their groundbreaking film Memento due to a difference of opinion with Warner Bros. executives over his acting style. In an interview, Pearce explained that the studio executives at the time “didn’t get” his approach to the role, which led to a […]

Modi’s NDA is Once Again at the Peak of Popularity in India

The Narendra Modi-led NDA coalition has reached the peak of popularity in India in just 10 months. On the other hand, the Rahul Gandhi-led India camp has suffered a major decline in popularity 10 months ago. This was revealed in a recent survey by ‘Mood of the Nation’ (MOTN), a joint initiative of India Today […]

Martial Law in South Korea

Yoon Suk Yeol, the President of the Republic of South Korea, has declared martial law in the country on an emergency basis. In a televised address to the nation today, Tuesday, he announced that the measure was taken to protect the country from “communist forces.” In his speech, Yoon Suk Yeol stated, “To safeguard liberal […]

Biden Strengthens Ties with Japan and South Korea Ahead of Trump Administration

On the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Lima, Peru, U.S. President Joe Biden met with South Korean President Yoon Suk Yeol and Japanese Prime Minister Shigeru Ishiba on Friday. This marked their first in-person meeting, aimed at fortifying trilateral relations before the incoming Trump administration, which has sparked concerns about the […]

Trump Plans to Shut Down U.S. Operations in Africa

U.S. President Donald Trump is preparing to make significant changes to the State Department’s global operations, including a major scale-back in Africa. A draft executive order proposes the closure of most U.S. embassies and consulates across African nations. According to CNBC, the order—expected to be signed this week—also includes proposals to eliminate offices and positions […]

Israel Strikes Beirut Suburbs After Issuing Evacuation Warnings

Hundreds of Civilians Killed, Thousands Displaced as Raids Intensify The Israeli military launched airstrikes on areas south of Beirut, Lebanon’s capital, shortly after issuing evacuation orders on Thursday. Israel claims the strikes targeted Hezbollah strongholds, but ongoing raids have resulted in the deaths of hundreds of civilians and displaced tens of thousands. Plumes of grey […]

Panamanian Dictator Noriega Hid as A Girl To Escape the US

After the election of the new US President Donald Trump for a second term, even after being sworn in, he repeatedly talked about taking control of the Panama Canal. He also did not rule out the use of force if necessary. Due to his words, the name of former Panamanian dictator Manuel Antonio Noriega is […]

Diallo signs new Manchester United deal

According to the new contract, the Cote d’Ivoire footballer will play for the Old Trafford club until 2030. The uncertainty over Amad Diallo’s future at Manchester United has passed. The English club has signed a new five-and-a-half-year contract with the young winger. The 22-year-old’s previous contract at United would have expired at the end of […]

OpenAI’s Latest Innovation: The o3-mini Model

OpenAI’s CEO, Sam Altman, recently announced the launch of a groundbreaking AI reasoning model, the o3-mini. This new development is set to redefine the capabilities of smaller AI models, offering powerful performance and swift responsiveness. Unveiling the o3-mini The o3-mini model comes as part of OpenAI’s ambitious 12 days of ‘Ship-mas’, marking a significant advancement […]

Trump appoints Elon Musk and Vivek Ramaswamy to head the new ‘Department of Government Efficiency’

President-elect Donald Trump stated today that Elon Musk and Vivek Ramaswamy are going to lead a new “Department of Government Efficiency” in the Trump 2.0 government. “Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” according to a statement […]