Oxfam International reports that in 2024 billionaires' wealth grew three times faster than the previous year, with their combined total reaching $15 trillion, highlighting escalating global inequality.
Oxfam's report indicates a troubling increase in wealth concentration, noting that three-fifths of billionaire wealth originates from inheritance, monopolies, or cronyism, emphasizing systemic flaws in wealth distribution.
With predictions of at least five trillionaires emerging in the next decade, Oxfam warns that the rise of billionaires now propels income inequality to unprecedented levels, causing major social ramifications.
Oxfam's Executive Director Amitabh Behar expressed concern over policies from the incoming U.S. administration, asserting they could exacerbate economic disparities while noting that billionaire wealth accumulates at an alarming rate.
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