Takers, not makers – living in a two-tier world
Diving into the numbers behind Oxfam's new inequality report.
Oxfam’s annual inequality report is out, and the timing couldn’t be more spectacular. This week’s inauguration of President Trump, backed by the world’s richest man and a cabinet of billionaires, is billionaire power manifest.
Over the next two weeks, we’ll look at the numbers behind the Oxfam report. This week we examine the scale of extreme wealth, and next week on how it is built on historical and modern colonialism.
Global inequality in numbers
Living in a two-tier world. Oxfam headlines with the findings that billionaire wealth surged by $2 trillion in 2024, three times faster than the year before, while the number of people living in poverty has barely changed since 1990.
The billionaire mountain with no summit. 204 new billionaires were minted in 2024, nearly four every week. Their combined wealth surged from $13 trillion to $15 trillion in just 12 months. This is the second-largest annual increase in billionaire wealth since records began.
A fantastic year for 10 men. The wealth of the world’s ten richest men grew on average by almost $100 million a day —even if they lost 99% of their wealth overnight, they would remain billionaires. What if you saved $1,000 every day since the first humans, 315,000 years ago? You still wouldn't be as rich as these 10 blokes.
Billionaire wealth is out of this world. If you stacked the wealth of the 50 richest billionaires in one-dollar bills, it would reach the moon!
Extreme wealth is taken not earned. We’re witnessing the rise of a new oligarchy, generating extreme wealth. 36% is inherited, 18% of billionaire wealth is from monopoly and 6% is from crony sources.
The rich speak out. A survey of 2,000 millionaires by the Patriotic Millionaires found that more than half believe extreme wealth concentration is a threat to democracy. About 70% agreed that the influence of those with extreme wealth is leading to a decline in trust of the media, the justice system and democracy.
Some of the rich are pushing back. A letter signed by more than 370 millionaires and billionaires from 22 countries urges their governments to act on concentrated and extreme wealth.
Something to listen to, read and support.
Listen to Jason Hickel on Equals talking about how colonialism never ended and drives today’s extreme inequality.
Read about how Oxfam worked out that five men could win the ultimate wealth prize.
Take action, the new We Must Draw the Line campaign has actions you can take.
Join the Fight Inequality Alliance using #RedLineToBillionaires on social media.
Check out another fantastic First Dog on the Moon cartoon.