Billionaires' wealth grew three times faster in 2024 than the previous year, anti-poverty group Oxfam International reported in its latest assessment of global inequality as some of the world's political and financial elite prepared for the opening of the World Economic Forum,

Move over billionaires. The first trillionaires are on their way.

The World Economic Forum kicks off in the Swiss Alpine resort on the same day as the presidential inauguration of Donald Trump.

Follow The Hindu’s updates of Day 1 of the World Economic Forum 2025, in Davos, Switzerland, on January 20, 2025

The World Economic Forum in Davos, Switzerland, is underway this week — and there are calls for taxing the extremely rich to address global inequality.

Oxfam’s new report estimates that 54 percent of billionaire wealth is either inherited or stems from monopoly power.

The development organization Oxfam predicts that the world’s first trillionaires could emerge within the next decade. The report highlights that the wealth of the ten richest billionaires has grown by an average of $100 million per day over the past ten years.

Oxfam’s ‘Million Pound Pint’ campaign aims to highlight the disparity between the super-rich and the rest of the population.

Oxfam’s 2024 report highlights surging wealth inequality, with billionaire wealth growing by $2 trillion and 204 new billionaires created. Meanwhile, 3.6 billion people live below the poverty line. The report calls for radical tax reforms and institutional changes to address disparities,

Oxfam report said billionaire wealth grew by $2 trillion last year, or roughly $5.7 billion a day, three-times faster than in 2023.

The wealth of the world’s billionaires skyrocketed by a staggering 2$ trillion (£1.64 trillion) in 2024, a surge three times