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.

Move over billionaires. The first trillionaires are on their way.

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,

Costs should be borne by the richest, who benefited the most from colonialism, says charity

The UK extracted $64.82 trillion from India over a century of colonialism between 1765 and 1900 and $33.8 trillion of this went to the richest 10 per cent — enough money to carpet the surface area of London in notes of 50 British pound almost four times over.

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.

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.

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.

Billionaire wealth surged in 2024, as the world’s richest people increasingly benefited from inheritance and powerful connections, Oxfam said in its annual inequality report.

Billionaire wealth surged last year, with the world's richest individuals adding $2 trillion to their pockets in 2024, according to a new report released Monday.

Group’s report comes as the world’s political and financial elite prepare for an annual gathering in Davos, Switzerland.