<h1>Oxfam Report: Billionaire Wealth Soars by $2 Trillion in 2024, Urges Global Taxation to Combat Inequality.</h1> Billionaire wealth increased by USD 2 trillion in 2024, reaching USD 15 trillion, growing three times faster than the previous year, according to Oxfam's report released at the World Economic Forum. The report highlights the disparity between the soaring wealth of billionaires and stagnant poverty levels since 1990. Oxfam attributes 60% of billionaire wealth to inheritance, monopoly power, or crony connections, advocating for global taxation of the rich to address inequality. The report criticizes the financial extraction from the Global South by the Global North and underscores the need for reparations for colonial exploitation. Oxfam calls for urgent action to prevent further wealth concentration and inequality.