Oxfam: Wealth of world’s billionaires expected to jump by $3 trillion in 2024

The wealth of the world’s billionaires will rise in 2024, to $3 trillion in 2024, as the world’s richest people increasingly benefit from the process of wealth transfer and strong connections, according to the latest annual report of Oxfam.

The global charity said in its report, according to the CNBC website, that the combined wealth of the world’s richest people jumped from $13 trillion to $15 trillion in just 12 months.

This represents the second largest annual increase in billionaire wealth since Oxfam began recording.

At the same time, the number of people living in poverty has not changed since 1990, according to the charity, citing World Bank data.

The data showed that the richest 1% of people own nearly 45% of all wealth, while 44% of humanity lives below the poverty line set by the World Bank, which is $6.85 per day.

Oxfam now expects the wealth of the world’s richest people to grow faster than previously thought, with at least five trillionaires expected to rise within a decade.

“The capture of the global economy by a privileged few has reached levels previously considered unimaginable,” said Amitabh Behar, executive director of Oxfam International.

The Oxfam report comes as billionaire Donald Trump returns to the White House and 3,000 leaders from more than 130 countries prepare to attend the World Economic Forum’s annual meeting in Davos.

According to a report by Informa Connect, Tesla CEO Elon Musk, a close Trump ally, is on track to become the world’s first trillionaire by 2027.

The Bloomberg Billionaires Index suggests he is currently worth around $440 billion.