The extraordinary growth of billionaire wealth in 2024 has set the world on a path to see at least five trillionaires by 2035, according to Oxfam’s latest report. With a $2 trillion surge in global billionaire wealth last year—equivalent to $5.7 billion a day—the report highlights a critical moment to address inequality while embracing opportunities for positive change.
Billionaire Wealth Surges in 2024
The number of billionaires rose to 2,769 in 2024. This was an increase from 2,565 in 2023. Their combined wealth increased from $13 trillion to $15 trillion in just 12 months. This marks the second-largest annual increase on record.
Meanwhile, UK billionaires contributed significantly to this trend. Their collective wealth grew by £35 million ($44 million) daily. It has reached £182 billion ($231 billion). This wealth is enough to cover Manchester in £10 notes nearly 1.5 times.
Trillionaires by 2035: A Symbol of Economic Growth and Challenges
The prospect of trillionaires within a decade highlights the incredible potential of wealth creation. It also underscores the need for policies to ensure this prosperity benefits everyone. While billionaire fortunes grow at an extraordinary pace, Oxfam’s report emphasizes that inequality remains a global challenge. Around 3.5 billion people still live in poverty—a number that has seen little improvement since 1990.
Opportunities to Foster Economic Equity
Oxfam’s report, Takers Not Makers, provides actionable recommendations to create a fairer economic system:
- Taxing wealth equitably: Implementing global tax reforms to ensure the wealthiest individuals and corporations contribute their fair share.
- Reducing global debt burdens: Supporting low-income countries with debt relief to free up resources for education, healthcare, and infrastructure.
- Empowering sustainable growth: Encouraging investment in regions with untapped potential to foster inclusive growth and opportunity.
Anna Marriott, Oxfam’s Inequality Policy Lead, remarked:
“The rise of trillionaires is a reflection of both incredible economic potential and the need to address gaps in fairness. By taking thoughtful and bold actions today, we can create a future where prosperity is more widely shared.”
A Positive Vision for the Future
The emergence of trillionaires is not just a challenge but an opportunity to rethink global systems and policies. By prioritizing fairness, equity, and sustainability, governments, businesses, and individuals can collaborate. They can work together to ensure that economic progress benefits everyone, not just a few.