Davos: Billionaires’ wealth increased three times faster in 2024, negatively impacting poor populations, Oxfam International reported today. A report released by the organization highlights this trend as global political and financial elites prepare for their annual meeting at the World Economic Forum in Davos, scheduled for January 20-24.
According to Lao News Agency, Oxfam’s latest analysis of global inequality coincides with the opening of the World Economic Forum. The report predicts the emergence of at least five new billionaires over the next decade, a significant increase from last year’s prediction of just one. The study aligns with a recent warning from outgoing U.S. President Joe Biden about the concentration of power in the hands of a few ultra-wealthy individuals.
Oxfam’s report, titled “Takers, Not Makers,” indicates that the number of people in poverty has remained largely unchanged since 1990. This finding underscores the growing inequality as the World Economic Forum hosts approximately 3,000 attendees, including business executives, academics, government officials, and civic group leaders, in the Alpine village of Davos.
U.S. President-elect Donald Trump, who is set to take office later today, is expected to participate in the forum via videoconference on Thursday. President Trump, known for supporting wealth accumulation, counts billionaire Elon Musk among his top advisors.