The data arose from the work of the NGO Oxfamwhich resulted in the number of billionaires reached 2,769 In this same period, a number greater than 2,565 that there was in 2023. In that sense, there emerged 204 new super rich in the last 365 days, that is, approximately four per week.
On the other hand, the combined wealth of these mega millionaires rose three times faster than in 2023, rising from US$13 billion to US$15 billion. In that regard, the wealth of the 10 richest men in the world grew by average of US$100,000,000 per day in the last year.
What the Oxfam report says
The NGO’s calculations indicate that, last year, The combined wealth of billionaires increased three times more faster than in 2023: “The fortune of each billionaire grew, on average, at a rate of two million dollars a day and, in the case of the ten richest billionaires, at a rate of US$100 million a day”.
“Instead, The number of people living in poverty has barely changed since 1990due to the economic and climate crises, as well as global conflicts,” continues the report titled “The looting continues”.
It’s just that according to data collected by Oxfam, “are 3.6 billion people around the planet live below the poverty line established by the World Bank at US$6.85 per day in purchasing power parity (PPP). The same as in 1990.”
“This figure currently represents 44% of the world’s population. Meanwhile, in a perverse symmetry, the richest 1% of the world’s population owns practically this same percentage of wealth: a 45% of the total”, he highlights.
“In 2024, the combined wealth of billionaires increased by US$2 trillion and 204 new super-rich emergedwhich represents an average of almost four new billionaires a week,” he points out, again contrasting.
The influence of inheritance
The report also highlights the impact of inheritance on these percentages: “The 60% of wealth of the billionaires well it is inheritedor is marked by the clientelism and corruptionor linked to monopolistic power.” Thus, he continues to highlight that “in 2023, for the first time in history, More billionaires emerged thanks to inheritances than as a result of entrepreneurship”.
Moreover, in 2023, “The richest 1% of the population of the global north obtained US$263,000 million of the countries of the global south through the financial system. This figure is equivalent to more than US$30 million.”
The richest men in the world and inequality
The Oxfam document also points out that intensive accumulation harms on a global scale, stating: “Increasing monopolistic power largely explains the growth in wealth concentration extreme and inequality around the world.”
“In the sectors in which monopolies are consolidatingbillionaires see how his wealth skyrockets until reaching unprecedented levels,” he remarks.
“Monopolistic companies They can control the markets, set the rules and terms of trade with other companies and workers and even set higher prices without losing business share. These strategies allow them to fatten the pockets of their rich owners, some of whom are among the richest men in the world,” he adds.
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In this framework, Oxfam estimates that “18% of the combined wealth of billionaires at a global level it is the result of monopolistic power”.
There he exemplifies with Jeff Bezoswhich has a net worth of US$219.4 billionand who built the Amazon empirewhich concentrates at least 70% of Internet purchases in Germany, France, the United Kingdom and Spain.
He also mentions Aliko Dangotewhich accumulates a net worth of US$11,000 millionwhich consolidates him as the richest person in Africaand which has a quasi-monopoly in the cement sector in Nigeria, and considerable market power across the African continent.
Based on these figures, the report states: “World Bank research reveals that tOnly 8% of the world’s population lives in countries with a low level of inequality. That is why the vast majority of countries present negative trends in inequality“.
“Four out of five countries have cut the percentage of its budget allocated to education, health and/or social protection. Four out of five countries have also gone backwards in terms of progressive taxation, and nine out of ten have done so in labor rights and minimum wages,” laments the Oxfam report.
“If they are not adopted urgent political measures to reverse this worrying trendit is practically certain that economic inequality will continue to increase in 90% of countries,” he concludes.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
