Every billionaire under the age of 30 has inherited their wealth. An Oxfam report titled "Takers, Not Makers" calls on global leaders to take measures to combat inequality and demonstrate a reversal of wealth concentration and power. One of the key points is the radical redistribution of income: top 10% incomes should not exceed four times the income of the bottom 40%. Leaders around the world must take decisive action to reduce inequality and eliminate extreme poverty.
"This concentration of wealth undermines democracy and humanism. It is essential to propose reparations for colonial exploitation," the organization emphasizes. The number of billionaires grew to 2,769 people in 2024, representing the second-highest annual increase in wealth in history. Women and migrant workers earn significantly less than their male and national counterparts, respectively.
It is noted that 60% of billionaires' wealth comes from inheritance, monopoly ownership, or corporate ties, with 36% of this transferred directly through inheritance. Low and middle-income countries spend almost half of their national budgets on debt servicing, often exceeding the funds allocated for education and healthcare.
It is expected that at the current rate, five trillionaires will emerge by 2034. It is necessary to introduce a fair taxation of billionaires and corporations, eliminate tax havens, and introduce inheritance taxes. A minimum tax on wealth, regulating monopolies, and ensuring fair wages globally is imperative.
In 2024, the wealth of billionaires increased by $2 trillion, equating to approximately $5.7 billion a day. Meanwhile, the debt burden on low and middle-income countries from international creditors undermines developing countries, often exceeding investments in education and healthcare.
