Dangote, Elon Musk, others wealth soar three times faster than 2023 Oxfam report shows
The wealth of the world’s billionaires, including Nigeria’s Aliko Dangote, Tesla and SpaceX CEO Elon Musk, and others, surged by $2 trillion (£1.64 trillion) in 2024, growing three times faster than in 2023.
This amounts to $5.7 billion in wealth per day, according to a report by Oxfam. Dangote, with a net worth of $11 billion, remains Africa’s wealthiest individual, holding a near-monopoly on cement in Nigeria and dominating the market across Africa.
Oxfam’s latest inequality report, titled Takers Not Makers, reveals that the world could soon see five trillionaires within the next decade, a dramatic shift from last year’s forecast of just one trillionaire by 2034.
The timing of the report coincides with the World Economic Forum (WEF) gathering in Davos, where global political leaders and corporate executives converge to discuss economic matters.
At the same time, global poverty remains high, with around 3.6 billion people—44% of the world’s population—living below the World Bank’s poverty line of $6.85 a day.
Oxfam highlighted that extreme poverty could be eradicated three times faster if inequality were reduced. The UK, in particular, has the highest proportion of billionaire wealth derived from monopolies and cronyism among G7 countries, with wealth increasing by £35 million daily in 2024.
Despite such unprecedented wealth growth, the report calls attention to the persistent economic disparity faced by billions globally.
