The report also presents compelling evidence about the rate at which new billionaires are being created, with 204 new billionaires emerging in 2024 alone, equating to nearly four new billionaires being minted every week. This escalation is alarming in contrast to the enduring poverty rates, where it has been estimated that the number of people living in poverty globally remains virtually unchanged since 1990, indicating a systemic failure to uplift the most vulnerable.

Furthermore, Oxfam asserts that the billionaires’ wealth is not only a product of inheritance and monopoly but is also a function of a colonial legacy that has created and perpetuated inequalities. The report elaborates on the idea of “billionaire colonialism,” where wealth channels from the Global South to the Global North—primarily benefitting billionaires in the wealthy nations while impoverishing those in less affluent regions. In it, Oxfam highlights that this wealth extraction continues at a staggering pace, with approximately $30 million being extracted from the Global South every hour by the wealthiest 1% in the Global North in 2023.

Oxfam also brings to light the generational transfers of wealth, stating that the next three decades will witness over 1,000 billionaires passing down $5.2 trillion to their heirs, further entrenching wealth inequality. This is alarming especially as this transmission of family wealth takes place largely untaxed, allowing the same group to retain significant financial power across generations.

In terms of policy recommendations, the report calls for radical measures:

Governments should end systems of modern-day colonialism and reframe global economic architecture to ensure fair representation and benefit-sharing.

It calls for a new UN tax convention aimed at harmonizing tax policies worldwide, mandating that the ultra-rich contribute a fairer share.

The report emphasizes apologies and reparations for colonial injustices: it’s crucial for former colonial powers to acknowledge this history and take meaningful steps to rectify the resulting inequalities.