According to a report, the wealth of the world’s billionaires has surged by a staggering $2 trillion in 2024. Well, we are living in a world where the rich get richer and the poor… well, they stay poor. While the rest of us were tightening our belts, the elite were adding zeros to their bank accounts at an unprecedented rate.
The world’s billionaires saw their wealth grow by $1.9 trillion back in 2020, largely thanks to the pandemic-induced economic shifts. And in 2024, the pace has only quickened, with billionaire wealth growing three times faster than in 2023, amounting to 5.7 billion dollars a day. The trend has been accelerating for years.
What is driving this tremendous growth? It’s a mix of factors, really. The world’s wealthiest people have found numerous ways to amass and maintain their fortunes, from monopolistic practices and associated capitalism to inheritance and sheer luck. And also the role of government policies that often favor the rich, allowing them to exploit loopholes and avoid taxes.
But what does this mean for the rest of us? Well, if current trends continue, we might soon see the world’s first trillionaire. According to an Oxfam prediction, there will be at least five trillionaires within the next decade. Imagine that—a handful of individuals with more wealth than entire nations. Who do you think will be the first trillionaire? Let us know in the comments below.
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The United Kingdom has the highest population of billionaire wealth among the G7 countries, where wealth skyrocketed from £35m a day to £182bn in 2024. Four billionaires emerging in 2024 make the total number of billionaires in the UK 57.
Globally, the number increased last year by 204 to a total of 2769, with their combined wealth jumping from $13 trillion to $15 trillion in just a year. On average, the wealth of the top 10 wealthiest people in the world grew by $100 million a day, and even if they lose 99% of their wealth overnight, they will still be billionaires.
According to the Forbes’ real-time billionaires list, Elon Musk is still leading the list of the richest people in the world, followed by Bezos, Mark Zuckerberg, Larry Ellison, Bernard Arnault, and the like.
The ever-growing wealth of the world’s billionaires is a plain reminder of the deepening inequality in our society. As the rich continue to amass fortunes, the gap between the haves and the have-nots widens, leaving millions struggling to make ends meet.
It’s high time we reevaluate our priorities and work towards a more equitable distribution of wealth. Because if we don’t, we might just find ourselves living in a world where the few control everything, and the rest of us are left with nothing.
