Despite the inflation, the total wealth of billionaires in 2024 grew three times faster than in 2023, according to a report by the aid organization Oxfam, in a joint publication with several aid and development organizations, released at the start of the World Economic Forum in Davos on Monday. The total wealth of billionaires has increased by two billion US dollars, the report claims.
Almost four new billionaires emerged every week, Oxfam states. At the same time, still nearly 3.6 billion people lived below the expanded poverty line of 6.85 US dollars per day.
In Germany, the total wealth of billionaires grew by 26.8 billion US dollars, the joint publication of aid and development organizations explained. The number of billionaires in the country increased by nine to 130.
The economic power tied to the ownership of companies also leads to political power, Oxfam criticized. Super-rich individuals and their corporations profit worldwide from tax cuts and generous exceptions, while taxes rise for billions of people.
The charitable organization criticized a “growing monopolization of the economy”. Single branches are dominated by fewer and fewer companies. The 20 richest people in the world are either owners or major shareholders of large corporations, many of which have a market-dominating position, according to Oxfam.
Therefore, Oxfam is demanding a billionaires’ tax. In the organization’s view, this would be a ” crucial first step” to close one of the big justice gaps in the tax system and thus restore trust in politics and democracy. The funds thus gained should be invested in social justice and climate protection, Oxfam suggests. The Federal Cartel Office should analyze the situation in highly concentrated sectors and take concrete measures against market concentration, the organization demands.