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

The World Economic Forum in Davos, Switzerland, is underway this week — and there are calls for taxing the extremely rich to address global inequality.

The World Economic Forum kicks off in the Swiss Alpine resort on the same day as the presidential inauguration of Donald Trump.

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

Follow The Hindu’s updates of Day 1 of the World Economic Forum 2025, in Davos, Switzerland, on January 20, 2025

A recent report by Oxfam International reveals a shocking truth. During colonial rule, the UK took around $64.82 trillion from India. Most of this wealth went to the richest 10% of people.

Drawing on a range of studies and research papers, Oxfam calculated that between 1765 and 1900, the richest 10 percent in the UK extracted wealth from India equivalent to $33.8 trillion in today’s ter

In 2024, an average of nearly four new billionaires were coined every week, according to Oxfam. Much of their wealth will be passed down to heirs.

Within a decade, the world could witness the emergence of its first trillionaire, Oxfam International warns in its latest inequality report. Released during the World Economic Forum in Davos, the report underscores a stark reality: the wealth of the top five billionaires has more than doubled since the pandemic,

The anti-poverty group Oxfam International's latest report on global inequality is calling for caps on CEO pay, better salaries for workers, and echoes former President Joe Biden's call for higher taxes on the wealthiest to get them to pay their fair share.

As the world economic forum kicks off in Davos, Oxfam is putting the spotlight on wealth inequality. According to the anti-poverty group, billionaires' wealth increased three times faster last year than in 2023.