Billionaire Boom: The Surging Wealth Gap and Modern-Day Colonialism

Billionaire wealth skyrocketed by USD 2 trillion in 2024, highlighting increasing inequality. Oxfam's report underscores the growing gap, with Asia contributing USD 299 billion. The wealth gap is fueled by inheritance, monopoly power, and crony connections. Oxfam stresses the need for taxing the rich and addressing past colonial harms.

Billionaire wealth soared by USD 2 trillion in 2024, reaching USD 15 trillion at a rate three times faster than the previous year, as revealed in Oxfam International's latest report. This surge contrasts sharply with the stagnant number of people living in poverty since 1990.

Oxfam emphasizes that much of this wealth comes unearned, deriving from inheritance, monopolies, and crony connections. With 204 new billionaires emerging in 2024, including 41 in Asia, the organization warns of looming inequality unless significant tax reforms are enacted.

The report calls for world governments to impose higher taxes on the rich, reduce inequality, and provide reparations for colonial damages. Oxfam asserts this is crucial for funneling necessary resources into education, healthcare, and job creation for all.

(With inputs from agencies.)