Five People Will Become Trillionaires In The Next Decade, According To Oxfam Report

• Global billionaire wealth has skyrocketed at an unprecedented rate.
• Oxfam’s new research warns of an imminent shift to “trillionaire” status for a select few.
• Critics argue this surge in ultra-wealth worsens inequality, fueling calls for stronger taxes and regulation.

Billionaire wealth surged by a punchy $2 trillion in 2024, triple its pace from the previous year, according to anti-poverty charity Oxfam International. The combined holdings of global billionaires — at around $15 trillion — is now on par with the GDP of the entire eurozone. The total number of people on the billionaire list reached 2,769 last year, almost enough to pack out the Concert Hall at the Sydney Opera House. While billionaires grew their fortunes by roughly $5.7 billion each and every day last year, the number of people living on less than $6.85 per day has barely changed since 1990…

Oxfam’s latest report, Takers Not Makers, suggests that at least four new billionaires were “minted” every week in 2024. The research also forecasts that at least five trillionaires are likely to be created over the next ten years, which stands in stark and telling contrast to the organisation’s previous guess that there would only be one created over the same period. This rapid wealth accumulation was published just as world leaders — including newly inaugurated US President Donald Trump (backed by the world’s richest man, Elon Musk) — gathered in Davos, Switzerland for the annual World Economic Forum.

Trillionaires Coming Soon

With the possibility of five potential trillionaires looming on the horizon, concern is growing among many that the world is stumbling towards a “new aristocracy” fuelled by inheritance, monopolies, and/or “crony connections.” While some are thrilled at the investment and innovation that often trail — or, at least, are touted to trail — high-net-worth individuals, others point to increasingly entrenched inequality, with Oxfam noting that more than half of billionaire wealth comes from unearned advantage rather than productive work.

Musk’s newly cozy relationship with Donald Trump is considered by many to be the latest embodiment of this dynamic, with billionaires making strides towards seizing policy-making platforms. Critics argue that the wealthy are increasingly able to steer legislation and regulations in ways that perpetually compound their financial gains. Oxfam and similar organisations advocate for mechanisms such as higher taxes on the ultra-rich, capping CEO pay, and breaking up monopolies through the courts.

Calls for a Fairer System

While the Trump administration promises an economic revival — don’t they all — anti-poverty campaigners continue to warn against a further concentration of power in the hands of a privileged few. Following former President Joe Biden’s emphasis on billionaires “beginning to pay their fair share,” Oxfam has appealed to governments worldwide to actively monopolies and foster a more equitable economic environment.

Despite these concerns, Davos has kicked off as usual, with thousands of business and government figures discussing everything from AI-powered new tech to modern monetary policy. Whether global leaders will act on Oxfam’s warnings about the swelling fortunes of a tiny elite remains to be seen… this writer sadly suspects that it may fall on deaf ears.