This assessment of global economic disparity was released as the World Economic Forum convenes and anticipates the emergence of at least five individuals achieving billionaire status over the next decade—a significant rise from last year’s expectation of only one. Oxfam’s findings reflect concerns recently voiced by outgoing President Joe Biden about the “dangerous concentration of power among a few ultra-wealthy individuals.” Their critical report, titled “Takers Not Makers,” highlights that the number of individuals living in poverty has remained stagnant since 1990.
The World Economic Forum is set to welcome approximately 3,000 participants, comprising business leaders, scholars, governmental figures, and representatives from civic organizations. Formal discussions will begin on Tuesday following a ceremonial opening held on Monday.
The impact of Donald Trump’s inauguration as U.S. President is anticipated to become a focal point at the forum, sparking both structured discussions and informal exchanges. A session named “47th US Presidency, Early Thoughts” and a town hall discussion on “State of Play: U.S. Dollar” are scheduled for Tuesday morning.
Prominent leaders such as Ukrainian President Volodymyr Zelenskyy, South African President Cyril Ramaphosa, Israeli President Isaac Herzog, Chancellor Olaf Scholz from Germany, and Ursula von der Leyen, President of the European Commission, are slated to address attendees on Tuesday. Aleksandar Vucic, the Serbian President, a noted Trump supporter, expressed a cautious optimism ahead of Trump’s inaugural speech, stating that he and his team would analyze it closely and hopes for “new ambition and energy” in resolving ongoing global conflicts.
In his inaugural address, Trump focused primarily on domestic issues but emphasized his aspirations for peace and unity, referencing a cease-fire agreement in Gaza. He, having attended the Davos summit during his first term, is expected to participate via video link on Thursday.
Concerns are mounting among anti-poverty advocates regarding the potential emergence of a “new aristocracy” within the United States and beyond. Trump’s historical support for wealth accumulation, including his ties with billionaires like Elon Musk, has drawn attention. Amitabh Behar, executive director of Oxfam International, remarked that this situation represents the pinnacle of global oligarchies, suggesting that billionaires are increasingly influencing both economic and social policy for profit maximization.
Echoing Biden’s calls for equitable taxation, Oxfam advocates for measures aimed at reducing inequality by taxing the affluent, addressing issues such as breaking up monopolies, limiting executive pay, and enforcing regulations that ensure workers receive “living wages.”
As many investors experienced significant financial gains in 2024, driven by thriving tech stocks and rising markets—including the S&P 500 and cryptocurrencies like Bitcoin—Oxfam reported a $2 trillion growth in billionaire wealth last year, an average of about $5.7 billion per day. The total number of billionaires increased to 2,769, with the wealthiest 10 individuals seeing an average daily increase of nearly $100 million.
Despite ample evidence of poverty, with data from the World Bank indicating minimal change in the number of people living under $6.85 per day since 1990, Oxfam utilizes Forbes’ Real-Time Billionaire List to track the wealthy. Additionally, they noted that at least four new billionaires emerged weekly in 2024, with a significant portion of their wealth attributed to inheritance and monopolistic advantages.
With the ever-widening gap between the wealthy and the impoverished, the annual gathering in Davos is expected to concentrate on financial dealings and the interests of corporate leaders, even as progressive themes like diversity and climate change receive diminishing attention. Furthermore, the rise of artificial intelligence as a tool for enhanced business efficiency will be a prominent topic, despite the ongoing concerns regarding potential job displacement within various sectors.
As has become customary, demonstrators advocating for economic equality and wealth taxation gathered outside the event, disrupting traffic and creating delays for attendees traveling to the forum, which continues through Friday.
