As global elites arrive in Davos for the annual World Economic Forum, the global advocacy group Oxfam reported that billionaires' wealth increased three times faster in 2024 than the previous year, and it warned of an emerging “aristocratic oligarchy” with enormous political clout, primed to profit from Donald Trump’s presidency of the United States.
"Trillions are being gifted in inheritance, creating a new aristocratic oligarchy that has immense power in our politics and our economy," Oxfam International said in its traditional annual pre-Davos report on the super rich.
