Billionaire Wealth Surges as Davos Elites Gather

As the world's political and financial elite prepare to descend upon Davos, Switzerland for the annual World Economic Forum, a stark reminder of the widening wealth gap has emerged. Oxfam, an international anti-poverty organization, has published a report titled "Takers Not Makers" that highlights the rapid growth of billionaire wealth in 2024 and the persistent poverty that continues to afflict millions worldwide.



According to Oxfam, billionaire wealth grew by a staggering $2 trillion in 2024, equivalent to roughly $5.7 billion a day, at a rate three times faster than the previous year. This is the second largest annual increase in billionaire wealth since records began. The number of billionaires rose by 204 to 2,769, and the 10 richest men saw their wealth rise nearly $100 million a day on average. Even if they lost 99 percent of their wealth overnight, they would still remain billionaires.

The report also reveals that the number of people living in poverty has barely changed since 1990, with 3.6 billion people living on less than $6.85 a day in 2023. This stark contrast between the rapid accumulation of wealth by the ultra-rich and the persistent poverty of the global majority underscores the urgent need for action to address inequality.



Oxfam's research adds weight to a warning by outgoing President Joe Biden last week of a "dangerous concentration of power in the hands of very few ultra-wealthy people." The group calls on governments to tax the richest to reduce inequality and end extreme wealth, and to "dismantle the new aristocracy." They also urge governments to break up monopolies, cap CEO pay, and regulate corporations to ensure they pay "living wages" to workers.

The World Economic Forum expects to host some 3,000 attendees, including business executives, academics, government officials, and civic group leaders at its annual meeting in Davos. Despite the growing gap between the über rich and the poor, the annual confab is likely to focus on making money and doing deals, with strongman leaders on the rise in some Western countries and progressive causes like diversity and climate change waning in the business world.

The continued rise of artificial intelligence as a tool for business to reap greater efficiencies will also be a central theme in Davos, despite worries in many sectors that AI could upend many white-collar jobs and displace workers in an array of industries. Trump's return for a second term will likely be on many lips in Davos, as will lingering conflicts, including wars in Ukraine and Sudan, along with hopes for a continuation of a cease-fire that began on Sunday between Hamas and Israel, pausing their devastating 15-month war in Gaza.

Forum organizers last week issued a survey conducted among 900 experts for "Global Risks Report," which found that conflicts between countries was the top concern, followed by extreme weather, economic confrontation, misinformation and disinformation, and "societal polarization" — a nod to the gap between rich and poor.

As the world's elite gather in Davos, the stark reality of the widening wealth gap serves as a stark reminder of the urgent need for action to address inequality and poverty. Oxfam's call for governments to tax the richest and dismantle the new aristocracy offers a path forward, but it will require concerted effort and political will to implement.