There is increasing disparity in the world today as an "aristocratic oligarchy" is amassing wealth at unforeseen levels, a report published by development organization Oxfam said. Published ahead of the World Economic Forum (WEF) in Davos,

Group’s report comes as the world’s political and financial elite prepare for an annual gathering in Davos, Switzerland.

Billionaire wealth surged in 2024, as the world’s richest people increasingly benefited from inheritance and powerful connections, Oxfam said in its annual inequality report.

Billionaire wealth across the globe surged by USD 2 trillion in 2024 to USD 15 trillion at a rate three times faster than the previous year, a study showed on Monday here as the richest of the world began to assemble for their annual jamboree in this ski resort town.

Oxfam said trillionaires are expected to emerge within the next decade, as the richest 1% now own 45% of global wealth, while 44% of humanity lives on less than $6.85 per day.

As global elites arrive in Davos for the annual World Economic Forum, the global advocacy group Oxfam reported that billionaires' wealth increased three times faster in 2024 than the previous year, and it warned of an emerging aristocratic oligarchy with enormous political clout,

Billionaires' wealth soared in 2024, a top anti-poverty group said ahead of an annual gathering in Davos, Switzerland of some of the world's political and financial elite.

Billionaire’s wealth has grown faster last year, and now the world can expect at least five trillionaires within a decade, even as the number of people in poverty has barely budged since 1990

Billionaire wealth surged last year, with the world's richest individuals adding $2 trillion to their pockets in 2024, according to a new report released Monday.