Pplware.sapo.pt, highlights from the Oxfam report that "This ever-growing concentration of wealth is enabled by a monopolistic concentration of power, with billionaires increasingly exerting influence over industries and public opinion ."

“The capture of our global economy by a privileged few has reached heights once considered unimaginable. The failure to stop billionaires is now spawning soon-to-be trillionaires. Not only has the rate of billionaire wealth accumulation accelerated —by three times — but so too has their power,” said Oxfam International Executive Director Amitabh Behar.

“The crown jewel of this oligarchy is a billionaire president, backed and bought by the world’s richest man Elon Musk, running the world’s largest economy. We present this report as a stark wake-up-call that ordinary people the world over are being crushed by the enormous wealth of a tiny few,” said Behar.

Last year, Oxfam predicted the first trillionaire would emerge within a decade. However, with billionaire wealth accelerating at a faster pace, this projection has increased dramatically – at the current rate, the world is now on track to see at least five trillionaires within that timeframe.

How do billionaires get rich?

According to the Oxfam report cited by pplware.sapo.pt, "Contrary to popular perception, the wealth of billionaires is largely undeserved - 60% of billionaires' wealth now comes from inheritance, monopoly power or connections between friends."

Oxfam estimates that 36% of billionaires’ wealth is currently inherited. A Forbes study found that all billionaires under the age of 30 inherited their wealth, while UBS estimates that more than 1,000 of today’s billionaires will pass on more than $5.2 trillion to their heirs over the next two to three decades.

“The ultra-rich like to tell us that getting rich takes skill, courage and hard work. But the truth is that most wealth is earned, not made. Many of the so-called “self-made” are in fact heirs to vast fortunes, passed down through generations of unearned privilege.

Meanwhile, money desperately needed in every country to invest in teachers, buy medicines and create good jobs is being diverted into the bank accounts of the super-rich. This is not just bad for the economy – it is bad for humanity.” Behar opined, adding that "the failure to tax billions of dollars in inheritances is an affront to justice that perpetuates a new aristocracy in which wealth and power remain locked in the hands of a few."

Mitigating the growing inequality

The same report states that the real number of people living on less than $6.85 a day has barely changed since 1990, Oxfam calls on governments to act to reduce inequality and end extreme wealth, listing the following solutions:

Radically reduce inequality: Governments need to commit to ensuring that, both globally and at a national level, the incomes of the top 10 percent are no higher than the bottom 40 percent.

Tax the richest to end extreme wealth: Global tax policy should fall under a new UN tax convention, ensuring the richest people and corporations pay their fair share. Tax havens must be abolished.

End the flow of wealth from South to North: Cancel debts and end the dominance of rich countries and corporations over financial markets and trade rules. This means breaking up monopolies, democratising patent rules, and regulating corporations to ensure they pay living wages and cap CEO pay.

Billionaire data is based on Oxfam's analysis of the Forbes real-time billionaires list as of the end of November 2024 and is adjusted for inflation at 2024 prices.