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worldwide The wealth of billionaires in the US is expected to increase by US$2,000 billion to US$15,000 in 2024, which is 3 times more than in 2023. This information has been received from the latest report on global inequality by ‘Oxfam International’. According to the Oxfam report, the wealth of billionaires grew at an average rate of US$5.7 billion per day in 2024, while the number of billionaires increased from 2,565 to 2,769 in 2023. It said the wealth of the world’s 10 richest people increased by about US$100 million per day on average. They would still remain billionaires even if they lost 99 percent of their wealth overnight.

Last year 204 new billionaires were created

Oxfam said the wealth of billionaires in Asia was set to increase by US$299 billion in 2024. He also estimated that within a decade from now there will be at least five people with a net worth of more than one trillion dollars. In the year 2024, 204 new people joined the list of billionaires. On an average, about 4 names participated every week. This year alone, 41 new billionaires joined the list from Asia. In the report, Oxfam said that the richest one percent of the ‘Global North’ will receive US$30 million per hour from the ‘Global South’ through financial systems in 2023. 60 percent of billionaires’ wealth is now derived from inheritance, monopoly power, or crony relationships, showing that the enormous wealth of billionaires is largely misplaced.

There is no significant change in the condition of the poor

Citing World Bank data, the report said the actual number of people living on less than US$6.85 a day has not changed significantly since 1990. Amitabh Behar, Executive Director of Oxfam International, said that the control of some special people over our global economy has increased to a level that could never have been imagined. Due to failure to stop billionaires, people are going to become trillionaires soon. Not only has the rate of accumulation of wealth by billionaires tripled, but their power has also increased.

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