Sources of billionaires’ wealth
The largest part of the largest estates comes from inheritance (36%), monopolies (18%) and “cronyism” (6%).
The power of inheritance is demonstrated by the report of the investment bank UBS (“UBS Billionaire Ambitions Report”). In 2023, for the first time since it was published in 2015, most of the new billionaires’ wealth came from inheritance, not entrepreneurship. In previous years it was the opposite, and in 2016, 2017, 2018 and 2021, the vast majority of billionaires’ fortunes came from business activities.
In 2023, 53 heirs became richer by an astronomical amount of $150.8 billion. At the same time, 84 new billionaires accumulated $140.7 billion. thanks to its business activities.
The increasing importance of inheritance
Such a large scale of inheritance is the result of rapid enrichment and increase in the number of billionaire entrepreneurs over the last 30 years in various sectors of market economies. Obviously, there must eventually be a succession and transfer of wealth. This phenomenon can be observed in all parts of the world.
In 2024, the number of billionaires increased by 204 people and their wealth increased by USD 2 trillion. There will be 5 trillionaires in the world within a decade, Oxfam predicts. Meanwhile, 3.6 billion people still live below the poverty line.
Oxfam – characteristics
Oxfam is an international humanitarian and development organization that aims to fight poverty, inequality and injustice in the world. It was established in 1942 in Oxford, Great Britain, as the Oxford Committee for Famine Relief.
The organization focuses on providing basic necessities of life such as food, water and shelter to people affected by humanitarian crises, and also works to improve the situation of women, promote gender equality and defend the rights of marginalized social groups. Oxfam is also committed to fighting social inequalities, promoting a fairer economic system, and offering support in regions affected by conflict, natural disasters and other crises.