As the world’s political and financial elite gather for the annual World Economic Forum (WEF) in Davos, Switzerland, a newly released report from Oxfam International reveals alarming trends in global wealth inequality. According to AP News, billionaires saw their wealth grow three times faster in 2024 compared to the previous year, illustrating a stark disparity where the ultra-rich continue to accumulate wealth while many remain in poverty.

The report, titled Takers Not Makers, indicates that the combined wealth of billionaires rose by $2 trillion, totaling approximately $15 trillion globally, with an increase of 204 billionaires, bringing the total to 2,769. Oxfam projects that at least five individuals may achieve trillionaire status in the next decade, a considerable leap from their earlier predictions which suggested only one would reach that milestone. "What we're seeing is a billionaire president taking oaths, backed by the richest man," stated Amitabh Behar, the executive director of Oxfam, highlighting how wealth now heavily influences political power and economic policies.

The stark contrast between the growing wealth of billionaires and the stagnation of poverty is concerning, with the number of individuals living under the World Bank's poverty line of less than $6.85 per day showing minimal change since 1990. This troubling statistic comes amidst increasing calls for governments to implement reforms such as taxing the rich and breaking up monopolies to address the growing wealth gap. Oxfam suggests that nearly three-fifths of billionaire wealth stems from inheritance, monopoly power, or crony connections, amplifying concerns about the entrenched nature of wealth.

Contrary to the increasing wealth of billionaires, the report pointed out that living conditions for many have not improved, with Al Jazeera noting that the number of people going hungry is rising. The WEF meeting, which starts formally on Tuesday, is expected to discuss major themes including artificial intelligence and its implications for businesses and job markets. This year, concerns over global conflicts, environmental issues, and economic disparities are expected to emerge as critical topics of discussion.

In a survey conducted among 900 experts for the Global Risks Report, findings indicate that geopolitical conflicts are at the forefront of concerns, followed by extreme weather events and societal polarization — ultimately symbolizing the growing divide between the rich and poor. As demonstrated in previous years, protests advocating for economic equality and taxing the wealthy have emerged outside the Davos venue, drawing attention to issues that remain a missed priority in policymaking.

Despite the economic optimism portrayed by some, Oxfam's findings starkly paint a picture of a world where wealth concentration continues unabated, urging immediate action to reverse these trends and support equitable growth. For additional insights on this topic, refer to the complete report by CBS News.