Richest People Increase Their Wealth 3 Times Faster This Year – Irish Billionaires Reach New Heights

Wealth accumulation among Ireland’s billionaires saw a staggering rise in 2024, increasing by an estimated $13.4 billion—equivalent to roughly $36.7 million per day. Oxfam reported that the collective wealth of Irish billionaires could cover Phoenix Park with €50 notes nearly 1.5 times over.

The year also saw the addition of two new billionaires in Ireland, with the total wealth of the country’s billionaires rising by $4.3 billion since 2019. Oxfam highlighted the stark disparity, revealing that it takes only five days for a member of the top 1% to earn what someone in the bottom half of the population makes in an entire year.

The findings were published in Oxfam’s report Takers Not Makers, coinciding with the annual gathering of global business elites in Davos. The report’s release also coincided with the inauguration of billionaire Donald Trump as President of the United States, an event supported by the world’s richest man, Elon Musk.

On a global scale, billionaire wealth soared by $2 trillion in 2024—three times the rate of the previous year. In contrast, the number of people living in poverty has remained largely unchanged since 1990. Oxfam pointed out that 2024 saw the emergence of 204 new billionaires, averaging nearly four each week. The organization projected that within the next decade, at least five individuals would achieve trillionaire status.

Jim Clarken, chief executive of Oxfam Ireland, remarked that economic power has become increasingly concentrated in the hands of a privileged few, reaching levels once thought unimaginable. He emphasized that 36% of billionaire wealth is now inherited, challenging the notion that extreme wealth results solely from talent and innovation, asserting that it is built on the labor of countless individuals and taxpayer contributions.

Clarken also highlighted that Trump’s administration is set to be the wealthiest in U.S. history, valued at over $450 billion. Reports indicate that at least 13 billionaires have been appointed to key government roles. Even without Elon Musk, the administration’s wealth would surpass that of any previous cabinet.

The Oxfam report further discussed the long-standing global economic imbalance, arguing that modern economic systems continue to perpetuate colonial-era wealth flows. It stated that in 2023, the wealthiest 1% in countries such as the United States, the United Kingdom, and France extracted $30 million per hour from the Global South via financial systems.

According to the report, the Global North controls 69% of the world’s wealth, holds 77% of billionaire fortunes, and is home to 68% of the world’s billionaires, despite comprising just 21% of the global population. Additionally, disparities in global financial institutions were highlighted, with findings showing that an average Belgian citizen possesses around 180 times more voting power in the World Bank’s largest arm compared to an average Ethiopian.

Oxfam’s findings serve as a stark reminder of the deepening inequality in global wealth distribution and the pressing need for systemic change.

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