This combined wealth could carpet Phoenix Park nearly 1.5 times over in €50 notes. Two new billionaires emerged in Ireland last year, and since 2019, Irish billionaire wealth has grown by €4.2 billion. Oxfam highlighted the stark wealth disparity, noting that it takes someone in the top 1% just five days to earn what the average person in the bottom 50% earns in an entire year.
Oxfam published its report, Takers Not Makers, as global elites gathered in Davos, Switzerland, and as billionaire Donald Trump, supported by Elon Musk, was inaugurated as President of the United States. Globally, billionaire wealth surged by $2 trillion in 2024, growing three times faster than the year before. Meanwhile, the number of people living in poverty has barely changed since 1990. The year saw 204 new billionaires—nearly four every week—and Oxfam predicts the emergence of at least five trillionaires within the next decade.
Jim Clarken, CEO of Oxfam Ireland, described the growing economic inequality as “unimaginable.” He noted that the accelerating accumulation of billionaire wealth has gone hand in hand with their increasing influence over economies and narratives. Clarken challenged the perception that extreme wealth is deserved, pointing out that 36% of billionaire wealth is inherited. “This report shows that extreme wealth isn’t just a result of talent or ingenuity but is often built on the work of countless others and public investment,” he said.
Oxfam’s report highlighted the concentration of wealth and power in the Global North. Countries such as the United States, United Kingdom, and France hold 69% of global wealth, 77% of billionaire wealth, and 68% of billionaires, despite representing just 21% of the global population.
The report also revealed that the richest 1% in these nations extracted $30 million per hour from the Global South in 2023, perpetuating modern forms of colonialism and global inequality.
Clarken also criticized the incoming Trump administration, which he described as the wealthiest in U.S. history, worth more than $450 billion. “There are at least 13 billionaires in Trump’s administration.
Even without Elon Musk, his cabinet would still be the richest in history,” he said. “We are witnessing the rise of a modern oligarchy where wealth consolidates political power. Meanwhile, global poverty remains stagnant. This disparity must be addressed and reversed.”
The report called for urgent action, including taxing extreme wealth to fund public services and expanding the tax base. Oxfam Ireland urged the government to advocate for debt cancellation, democratize global institutions like the UN and IMF, and regulate corporations to ensure living wages and fair trade practices. Additionally, it called for greater commitments to climate justice by accelerating domestic climate action and providing financial support to the Global South to address climate crises.
“It’s time for governments to stop protecting billionaires and start investing in people,” said Clarken. “A fairer, more equal world is essential for a livable planet, global democracy, and the eradication of poverty. The need for change has never been more urgent.”