The Number of Billionaires Worldwide Is Increasing... 3.6 Billion People Living in Poverty on "10,000 Won a Day"

Oxfam Davos Forum Inequality Report
204 New Billionaires Added Last Year
Five Decabillionaires Expected Within 10 Years

In 2024, while the assets of billionaires worldwide grew at three times the rate of the previous year, an analysis revealed that the number of people living on less than $6.85 (about 10,000 KRW) per day reached approximately 3.6 billion.

The international relief and development organization Oxfam released its annual inequality report on the 20th (local time) to coincide with the opening of the World Economic Forum (WEF) annual meeting, the Davos Forum. According to the report, 204 new billionaires were added to the global list last year, averaging four new billionaires every week.

The total assets of billionaires increased from $13 trillion to $15 trillion in one year, a rise of $2 trillion (about 2,900 trillion KRW). This means their total wealth grew by $5.7 billion (about 8.3 trillion KRW) per day, a threefold increase compared to the previous year. Notably, the top 10 wealthiest individuals saw their assets increase by about $100 million (145 billion KRW) daily on average last year.

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Oxfam explained that this means even if one were to save $1,000 every day since the emergence of the first humans 315,000 years ago, they still would not have as much money as one of the top 10 wealthiest people. These top 10 individuals possess such immense wealth that even if they lost 99% of their assets, they would still retain billionaire status. Oxfam predicted that if this trend continues, at least five decabillionaires will emerge worldwide within the next 10 years. In last year’s report, Oxfam had forecasted the appearance of the first decabillionaire within a decade. Furthermore, Oxfam emphasized that "60% of billionaire wealth comes from inheritance, nepotism, corruption, and monopoly power," warning that "inequality has reached uncontrollable levels."

On the other hand, the number of people living in poverty has seen little change for nearly 35 years since 1990. Oxfam reported that about 3.6 billion people, accounting for 44% of the global population, live on less than $6.85 (about 10,000 KRW) per day. Among women worldwide, 9.8% live in extreme poverty on less than $2.15 (about 3,100 KRW) per day. The proportion of men living at this level is 9.1%, which is 24.3 million fewer than women.

Oxfam explained that reducing inequality could end extreme poverty three times faster. It also highlighted that $30 million (about 4.38 billion KRW) per hour flows from the Global South (mainly emerging and developing countries in the Southern Hemisphere) to the top 1% of super-rich individuals in the Global North (developed countries in the Northern Hemisphere), stressing that this structure must be reversed.

This content was produced with the assistance of AI translation services.