Process
Status Items Output None Questions None Claims None Highlights Done See section below
Highlights
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Billionaire wealth grew by 5.7 billion a day,
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four new billionaires were minted every week.
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the number of billionaires rose to 2,769, up from 2,565 in 2023. Their combined wealth surged from 15 trillion in just 12 months.
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60 percent of billionaire wealth now comes from inheritance, monopoly power or crony connections.
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every billionaire under 30 has inherited their wealth, while UBS estimates that over 1,000 of today’s billionaires will pass on more than $5.2 trillion to their heirs over the next two to three decades
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The richest 1 percent in Global North countries like the US, UK and France extracted $30 million an hour from the Global South through the financial system in 2023.
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Global North countries control 69 percent of global wealth, 77 percent of billionaire wealth and are home to 68 percent of billionaires, despite making up just 21 percent of the global population.
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Between 1970 and 2023, Global South governments paid $3.3 trillion in interest to Northern creditors.
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wages in the Global South are 87 to 95 percent lower than wages in the Global North for work of equal skill. Despite contributing 90 percent of the labor that drives the global economy, workers in low- and middle-income countries receive only 21 percent of global income.
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End the flow of wealth from South to North. Cancel debts and end the dominance of rich countries and corporations over financial markets and trade rules. This means breaking up monopolies, democratizing patent rules, and regulating corporations to ensure they pay living wages and cap CEO pay. Restructure voting powers in the World Bank, IMF and UN Security Council to guarantee fair representation of Global South countries. Former colonial powers must also confront the lasting harm caused by their colonial rule, offer formal apologies, and provide reparations to affected communities.