Last year marked the second-largest annual increase in billionaire wealth since records started, according to Oxfam.

Summary

Oxfam’s 2024 inequality report revealed a record $2 trillion increase in billionaire wealth, reaching $15 trillion, while global poverty rates remain stagnant.

The top 1% own 45% of all wealth, and 44% of people live on less than $6.85 daily.

Oxfam predicts five trillionaires within a decade, citing inheritance and cronyism as key wealth drivers. Elon Musk may become the first trillionaire by 2027.

Oxfam calls for tax reform, monopoly regulation, and income redistribution to address inequality.

Critics warn unchecked wealth concentration threatens democracy and economic fairness.

  • I_Has_A_Hat@lemmy.world
    0·
    6 days ago

    Public trillionaires

    Trillionaires almost certainly already exist. There are many people and families who do not publicly report their net worth. Putin is a good example.

  • vaderaj@lemmy.world
    0·
    7 days ago

    Bro! But capitalism uplifted the most amount of people out of poverty than any other system right? Right?

  • CharlesDarwin@lemmy.worldEnglish
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    7 days ago

    The fact that we even have billionaires (and they should not be a thing. The notion of a trillionaire is even more fucking atrocious) is probably why donvict and elon are assuming power right now.

    Without the broligarchs and their thumb heavily on media, both “legacy” and not, do you think there would be so very many stupid people willing to vote for the convicted felon?

  • eran_morad@lemmy.world
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    7 days ago

    I mean, there is a way to cure billionaires and prevent trillionaires. Several cures, actually, some of which are likely more palatable than others.

  • whotookkarl@lemmy.world
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    7 days ago

    When money is used in society as security for basic rights like a home, food and clean water, healthcare, political representation in government, then people hoarding wealth at the detriment of others are responsible and shouldn’t be surprised when those same people they oppress become violent.

  • crystalmerchant@lemmy.world
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    7 days ago

    No shit, fuckin obviously. This is how money works. The point is not the number it is the proportion (though obv they’re related)

  • Free_Opinions@feddit.uk
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    7 days ago

    Compounding interests. I don’t think that most people realise how powerful the effect of it is. Anyone can take advantage of it but there’s no getting around the fact that the more money you have the easier it gets to make even more which then makes it even easier and this just keeps accelerating.

    • brucethemoose@lemmy.world
      0·
      7 days ago

      The effect is kinda broken though.

      The old idea is that investment enables the unwealthy to use capital to be productive, and the wealthy to take on their risk. This is… fine. It still happens, and that’s great.

      But past a certain point, there’s basically no risk for the wealthy, as illustrated how boards make boneheaded, abusive decisions every day yet still compound their wealth, often handing “the bag” of their failure out to the public and getting away with millions and a new gig. Startups hope to get bought out by megacorps instead of actually being sustainably productive, and the megacorps don’t care because they’re still stupendously rich when their boneheaded buyout fails, and it squelches competition.

      Near trillionaires should not get the benefits of compounding interest. Their incentives are horrendously misaligned and broken, and it’s basically cheating the system.

      What’s more, no one should be opposed to this. Socialist, free market libertarian, far right/MAGA, any flavor of communist, neoliberal, whatever, logically all of humanity should agree mega billionaires are bad for everyone and should be taxed to shit. The only exceptions are crypto bros, con artists, fraudulent day traders, (why would lose the systems that enable their pump and dump schemes), and… billionaires.