Oxfam International's latest report, issued at the start of the 2024 World Economic Forum (WEF) in Davos, Switzerland, presents a sobering look at the accelerating wealth inequality across the globe. According to the report, billionaires' wealth grew by an astonishing $2 trillion in 2024, or approximately $5.7 billion per day, a figure that represents a threefold increase compared to the previous year. The number of billionaires surged by 204, reaching a total of 2,769 individuals, while the wealth of the 10 richest men increased by nearly $100 million per day on average.
This sharp increase in wealth contrasts starkly with the lack of progress in reducing poverty. Oxfam’s findings underscore the reality that the number of people living on less than $6.85 a day has barely shifted since 1990, a testament to the failure of global economic systems to address the needs of the poorest. The group’s analysis further exposes the fact that the wealth of billionaires is largely driven by inheritance, monopolistic practices, and “crony connections,” with three-fifths of billionaire wealth originating from such sources.
These findings echo the concerns raised by U.S. President Joe Biden, who recently warned of a “dangerous concentration of power in the hands of very few ultra-wealthy people.” Biden's statement coincided with Oxfam's call for the dismantling of what it termed the “new aristocracy” of global billionaires, which the organization argues is actively shaping economic and social policies to their benefit. Oxfam advocates for robust policies aimed at reducing inequality, such as the breakup of monopolies, the implementation of living wages for workers, and higher taxes on the wealthiest individuals to ensure they pay their fair share to society.
Oxfam's report also highlights the dire fiscal situation facing many low- and middle-income countries, where nearly half of national budgets are consumed by debt repayments. This, in turn, has hindered the ability of these nations to address pressing issues such as healthcare, education, and infrastructure. The report stresses the growing disparity in life expectancy, with African countries seeing an average life expectancy of just under 64 years, compared to over 79 years in Europe. This stark difference exemplifies the widening gap between the wealthiest and the poorest regions of the world.
While these issues of extreme wealth inequality are at the forefront of discussions by groups like Oxfam, the WEF’s annual meeting in Davos remains focused primarily on business interests and economic growth. The forum, which attracts thousands of global business executives, political leaders, and civic activists, will likely center its conversations on how to maintain the status quo of wealth generation, with little regard for the broader social impacts. Among the key themes expected to dominate discussions are the rise of artificial intelligence (AI) as a business tool, along with the ongoing conflicts in countries such as Ukraine and Sudan. The impact of AI, in particular, is a contentious topic, with fears that automation and technological advancements could displace workers in many industries, further exacerbating inequality and job insecurity.
President-elect Donald Trump, who has long championed wealth accumulation, including his own, will also likely play a prominent role in the conversations at Davos. Trump has long been allied with multibillionaire Elon Musk, and the two are seen as exemplifying the growing influence of the super-wealthy on global economic and political affairs. Oxfam’s Amitabh Behar, in an interview, referred to this alliance as an example of how billionaires are increasingly shaping economic policies that benefit them, with little regard for the impact on society at large. Behar’s critique highlights the broader issue of a system where the ultra-wealthy are able to leverage their financial resources to secure policies that further their own interests.
Despite these critiques of growing wealth inequality, the ongoing economic discourse at Davos will likely focus on finding ways to expand opportunities for further wealth accumulation, with little to no consideration for redistributing that wealth in a manner that could address the pressing needs of the global poor. The WEF is set to explore topics like green investments, the rise of AI, and the future of global trade, but whether these discussions will address the underlying issues of inequality remains to be seen.
Moreover, while global elites gather to discuss economic growth and technological advancements, the gap between the super-rich and the world’s poorest continues to grow. Protests by social justice groups calling for greater economic equality, higher taxes on the wealthy, and a fairer distribution of resources have already begun outside the WEF venue. Demonstrators have blocked roads and disrupted traffic in Davos, signaling widespread dissatisfaction with the growing concentration of wealth and power in the hands of a few.
This year, as in previous years, the economic disparities between the attendees at Davos and the general public will be on stark display. While thousands of the world’s wealthiest individuals convene to discuss the future of the global economy, the concerns of the majority of the world’s population—those struggling to make ends meet—are likely to remain on the periphery of the conversation. The stark contrast between the lavish discussions inside Davos and the growing protests outside underscores the tension between the aspirations of the elite and the struggles of the impoverished majority.
As the Davos conference unfolds, it will be essential for global leaders, business executives, and policymakers to confront the reality of wealth inequality head-on. Oxfam’s call for reforms to address the concentration of wealth and power represents an urgent plea for change. Without significant policy shifts to tackle inequality, the system that currently rewards the ultra-wealthy will continue to perpetuate itself, exacerbating global divisions and undermining efforts to achieve a more equitable and sustainable future.
