Billionaires' wealth soared in 2024, a top anti-poverty group said ahead of an annual gathering in Davos, Switzerland of some of the world's political and financial elite.

On money extracted from India by the UK during over 100 years of colonialism between 1765 and 1900, Oxfam said that beyond the richest, the main beneficiaries of colonialism were the newly emergent middle class.

There is increasing disparity in the world today as an "aristocratic oligarchy" is amassing wealth at unforeseen levels, a report published by development organization Oxfam said. Published ahead of the World Economic Forum (WEF) in Davos,

Billionaire wealth across the globe surged by USD 2 trillion in 2024 to USD 15 trillion at a rate three times faster than the previous year, a study showed on Monday here as the richest of the world began to assemble for their annual jamboree in this ski resort town.

Oxfam Nigeria, a non-profit organisation, has warned that the wealth gap in Nigeria has reached crisis levels, with 70 percent of the population experiencing hunger.

Oxfam's annual inequality report shows the rapid acceleration of wealth accumulation by the world's richest in 2024, as 44 percent of the world continues to live in poverty. FRANCE 24's Business

Over the course of colonialism from 1765 to 1900, the United Kingdom (UK) drew an astounding $ 64.82 trillion from India, as per the latest annual report on global inequality by rights group Oxfam International.

The first trillionaires are on their way. Five people are expected to amass at least $1 trillion in wealth within the next decade, if current trends continue, according to Oxfam’s annual inequality report,

Oxfam’s new report estimates that 54 percent of billionaire wealth is either inherited or stems from monopoly power.

This projection marks a significant shift from a previous Oxfam report that indicated only one person would reach this milestone within a decade.

In 2024, the number of billionaires rose to 2,769 while their combined wealth surged from $13 trillion to $15 trillion