The number of billionaires rose from 2,565 in 2023, to 2,769 last year, with a combined wealth of £12.23 trillion in 2024. This was up 20% from £10.65 trillion, and the second largest annual increase since Oxfam started reporting these figures.

The Takers, Not Makers report by Oxfam found that 60% of this growth came from ‘inheritance, cronyism and corruption or monopoly power’, adding that ‘colonial domination’ was still benefitting the richest people.

From this increase in wealth, 204 people joined the list of billionaires in 2024, the equivalent of four every single week, with each of them growing their bank balance by £1.64m a day on average.

Oxfam has also calculated that over a third (36%) of billionaire wealth is inherited, while every single billionaire that is under 30 has not worked for their money, buy has had it passed to them. 1,000 current billionaires are set to pass on $4.2 trillion in the next 20 to 30 years.