The wealth of the world’s billionaires grew by $2tn (£1.64tn) in 2024, three times faster than in 2023, amounting to $5.7bn a day, according to a report by Oxfam. The latest inequality report from the charity reveals that the world is now on track to have five trillionaires within a decade, a change from last year’s forecast of one trillionaire within 10 years. In the UK, wealth climbed by £35m a day to £182bn in 2024, it said. The wealth of the world’s 10 richest men grew on average by almost $100m a day and even if they lost 99% of their wealth overnight, they would remain billionaires. The report argues that most of the wealth is taken, not earned, as 60% comes from either inheritance, “cronyism and corruption” or monopoly power.

Source: The Guardian January 21, 2025 03:24 UTC