Billionaire wealth surged by $2 trillion in 2024, growing three times faster than the previous year, as global inequality widened, Oxfam reported during Davos. The group warns of a "new aristocracy," with at least five trillionaires expected by 2034.

OxFam International’s research adds weight to a warning by outgoing President Joe Biden last week of a “dangerous concentration of power in the hands of very few ultra-wealthy people.”