While billionaire wealth surges by $2 trillion in 2024, millions are left to starve.

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While billionaire wealth surged by an astonishing $2 trillion in 2024, millions continue to starve. This stark reality highlights the grotesque disparity in wealth distribution. In a world where 204 new billionaires were created this year alone, nearly four every week, we still struggle to solve poverty. This system is undeniably broken.

The combined wealth of billionaires rose from $13 trillion in 2023 to a staggering $15 trillion in just 12 months. This surge is not just a statistic; it is a blatant demonstration of greed. While billionaires hoard their wealth, the world suffers.

Oxfam’s latest report reveals that 60% of billionaire wealth now comes from inheritance, monopoly power, or crony connections. This means a significant portion of this wealth is unearned, making it clear that we need to stop glorifying these leeches.

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Amitabh Behar, Oxfam International Executive Director, remarked, “Extreme billionaire wealth is largely unmerited.” This statement underscores the growing concern about the fairness and sustainability of such wealth accumulation.

Meanwhile, the number of people living in poverty has barely changed since 1990, according to World Bank data. This stark contrast between the rich and the poor has raised significant concerns about global inequality. In 2024 alone, 204 new billionaires were created, averaging nearly four new billionaires every week.

Oxfam’s report, titled “Takers Not Makers,” was released ahead of the World Economic Forum in Davos. The organization is calling for urgent action from governments to address this growing disparity. Oxfam suggests that ensuring the incomes of the top 10% are no higher than the bottom 40% and implementing fairer tax policies could help mitigate the issue.

The implications of this wealth surge are far-reaching. If the trend continues, Oxfam predicts that the world could see at least five trillionaires within the next decade. This projection is alarming and highlights the need for urgent measures to address the concentration of wealth.

Sources:

https://www.oxfam.org/en/press-releases/billionaire-wealth-surges-2-trillion-2024-three-times-faster-year-while-number

https://www.worldbank.org/en/news/feature/2024/01/20/global-poverty-rates-update

https://www.msn.com/en-us/money/markets/billionaire-wealth-surged-in-2024-says-oxfam-as-world-leaders-meet-for-davos/ar-AA1xv0OY


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