Anti-poverty group says billionaires’ wealth soared in 2024 as the elites prepare for another Davos

Anti-poverty group says billionaires’ wealth soared in 2024 as the elites prepare for another Davos
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Demonstrators arrive for a protest ahead of the World Economy Forum in Davos, Switzerland, on Jan. 19, 2025. (AP)
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Updated 24 January 2025
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Anti-poverty group says billionaires’ wealth soared in 2024 as the elites prepare for another Davos

Anti-poverty group says billionaires’ wealth soared in 2024 as the elites prepare for another Davos
  • Oxfam International also predicts at least five trillionaires will crop up over the next decade
  • OxFam’s research adds weight to a warning by outgoing President Joe Biden last week of a “dangerous concentration of power in the hands of very few ultra-wealthy people”

DAVOS, Switzerland: Billionaires’ wealth grew three times faster in 2024 than the year before, a top anti-poverty group reported on Monday as some of the world’s political and financial elite prepared for an annual gathering in Davos, Switzerland.

Oxfam International, in its latest assessment of global inequality timed to the opening of the World Economic Forum meeting, also predicts at least five trillionaires will crop up over the next decade. A year ago, the group forecast that only one trillionaire would appear during that time.

OxFam’s research adds weight to a warning by outgoing President Joe Biden last week of a “dangerous concentration of power in the hands of very few ultra-wealthy people.” The group’s sharp-edged report, titled “Takers Not Makers,” also says the number of people in poverty has barely budged since 1990.

The World Economic Forum expects to host some 3,000 attendees, including business executives, academics, government officials, and civic group leaders at its annual meeting in the Alpine village of Davos.

What’s the worry about? ... The ‘new aristocracy’

President-elect Donald Trump, who visited Davos twice during his first term and was set to take the oath of office on Monday, is expected to take part in the forum’s event by video on Thursday. He has long championed wealth accumulation — including his own — and counts multibillionaire Elon Musk as a top adviser.

“What you’re seeing at the moment is a billionaire president taking oaths today, backed by the richest man. So this is pretty much the jewel in the crown of the global oligarchies,” Amitabh Behar, executive director of Oxfam International, said in an interview, referring to Trump and Musk.

“It’s not about one specific individual. It’s the economic system that we have created where the billionaires are now pretty much being able to shape economic policies, social policies, which eventually gives them more and more profit,” he added.

Like Biden’s call for making billionaires “begin to pay their fair share” through the US tax code, Oxfam — a global advocacy group — called on governments to tax the richest to reduce inequality and extreme wealth, and to “dismantle the new aristocracy.”

The group called for steps like the break-up of monopolies, capping CEO pay, and regulation of corporations to ensure they pay “living wages” to workers.

How are the poorest faring?

Many investors racked up strong gains in 2024, with strong performances for top tech companies and stock-market indexes like the S&P 500, as well as the price of gold and cryptocurrencies like Bitcoin.

Oxfam said billionaire wealth grew by $2 trillion last year, or roughly $5.7 billion a day, three-times faster than in 2023. The number of billionaires rose by 204 to 2,769, and the 10 richest men saw their wealth rise nearly $100 million a day on average, it said.

Citing World Bank data, the group pointed to lingering poverty, saying the number of people living on less than $6.85 per day has “barely changed” since 1990. Oxfam used Forbes’ Real-Time Billionaire List” as of end-November for data on the ultra-rich.

By contrast, at least four new billionaires were “minted” every week in 2024, and three-fifths of billionaire wealth comes from inheritance, monopoly power or “crony connections,” it said.

On average, Oxfam said, low- and middle-income countries are spending nearly half their national budgets on debt repayments. It also noted that life expectancy in Africa is just under 64 years of age, compared to over 79 years in Europe.

Will it be business as usual at Davos again this year?

Despite the growing gap between the über rich and the poor, the annual Davos confab, which formally begins on Tuesday, will likely focus this year again on making money and doing deals, with strongman leaders on the rise in some Western countries and progressive causes like diversity and climate change waning in the business world.

The continued rise of artificial intelligence as a tool for business to reap greater efficiencies will also again be a central theme in Davos, despite worries in many sectors that AI could upend many white-collar jobs and displace workers in an array of industries.

Trump’s return for a second term will likely be on many lips in Davos, as will lingering conflicts, including wars in Ukraine and Sudan, along with hopes for a continuation of a ceasefire that began on Sunday between Hamas and Israel, pausing their devastating 15-month war in Gaza.

Forum organizers last week issued a survey conducted among 900 experts for “Global Risks Report,” which found that conflicts between countries was the top concern, followed by extreme weather, economic confrontation, misinformation and disinformation, and “societal polarization” — a nod to the gap between rich and poor.

As in past years, protesters calling for more economic equality, taxing the rich and pressing other demands took to the streets. Some blocked roads to Davos, snarling traffic in places and delaying trips for some attendees to the event, which runs through Friday.


22 killed in Angola fuel hike unrest since Monday

22 killed in Angola fuel hike unrest since Monday
Updated 56 min 43 sec ago
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22 killed in Angola fuel hike unrest since Monday

22 killed in Angola fuel hike unrest since Monday
  • Sporadic gunfire was heard across Luanda and several other cities on Monday and Tuesday as people looted shops and clashed with police when violence erupted during a taxi strike

LUANDA: Unrest in Angola following protests against a fuel price hike has killed 22 people since Monday, the interior minister said, as calm returned to the capital.

Sporadic gunfire was heard across Luanda and several other cities on Monday and Tuesday as people looted shops and clashed with police when violence erupted during a taxi strike.

The strike was the latest in a series of protests after the price of fuel was hiked from 300 to 400 kwanzas ($0.33 to $0.43) a liter on July 1, squeezing living costs for the millions of poor in one of Africa’s top oil producers.

“We regret 22 deaths, including one police officer,” Interior Minister Manuel Homem told reporters in a press conference on Wednesday.

Nearly 200 people were injured in the violence, he said, and more than 1,200 people had been arrested.

Shops and businesses remained closed in Luanda on Wednesday as security forces patrolled the city.

The streets were largely empty as people stayed home, although there were some queues outside petrol stations and shops, AFP reporters said.

Police in the southern city of Lubango confirmed separately that a police officer had shot and killed a 16-year-old on Tuesday.

The teenager was part of a group attempting to invade the headquarters of the ruling MPLA party, a statement said.

Anger against the price hike was also the focus of a demonstration of around 2,000 people in Luanda on Saturday, with protesters also alleging government corruption.

There had been similar protests the two previous weekends.

Four people were killed on the first day of the unrest on Monday, according to police.

Local media reported other victims on Tuesday.

TV Nzinga showed women weeping over a body in a street in Luanda’s central Cazenga area as people ran out of a supermarket carrying food and goods. The report did not say how the person was killed.

In the same area, a young man was killed near a supermarket, apparently by a stray bullet, an AFP reporter said.

Protests and unrest were also reported outside the capital, including in the city of Huambo, around 600 kilometers (370 miles) north of Luanda, police said.

Images on social media also showed protests in the coastal city of Benguela, south of the capital.

The Portuguese-speaking country of more than 36 million has a high inflation rate that neared 20 percent in June, while the unemployment rate hit almost 30 percent, according to the national statistics authority.


IndiGo’s revenue slows as India-Pakistan tensions, Air India crash weigh

IndiGo’s revenue slows as India-Pakistan tensions, Air India crash weigh
Updated 58 min 29 sec ago
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IndiGo’s revenue slows as India-Pakistan tensions, Air India crash weigh

IndiGo’s revenue slows as India-Pakistan tensions, Air India crash weigh
  • India’s largest carrier by market share reports 4.7% rise in revenue to $2.34 billion in April-June quarter
  • CEO says April attack in Indian-administered Kashmir, border clashes caused ” hundreds of cancelations”

NEW DELHI: Budget airline IndiGo posted slower first-quarter revenue growth on Wednesday, weighed down by subdued demand following border tensions between India and Pakistan and a fatal Air India crash during the quarter.

India’s largest carrier by market share reported a 4.7% rise in revenue to 204.96 billion rupees ($2.34 billion) in the April-June quarter, a sharp slowdown from the 17.3% growth logged a year ago.

“The June quarter was shaped by significant external challenges that created headwinds for the entire aviation sector,” Chief Executive Pieter Elbers said in a statement.

An April attack on civilians in Indian Kashmir, followed by border clashes between India and Pakistan led to “hundreds and hundreds of cancelations,” Elbers said in a post-earnings media call.

India has blamed Islamabad for the attack, which the latter has denied.

Shortly after, an Air India plane crashed in Ahmedabad and killed 260 people in June, spurring flying anxiety among many travelers.

“All in all, that has led ... to (have) some impact on the market,” Elbers said, but added that so far, the second quarter appears to be stabilizing.

Despite the recent slowdown, IndiGo has benefited from rising incomes, sustained post-pandemic domestic travel demand, along with continued fleet and network expansion.

Still, the company posted a lower quarterly profit, bogged down by ballooning foreign exchange losses.

Its yield — the average money earned from a passenger for every kilometer traveled — fell 5%.

The airline’s first-quarter capacity — measured in available seat kilometers — grew 16.4% on-year.

The firm had projected a “mid-teens percentage range” growth in May.


Australia’s first Muslim MP calls for country to recognize Palestine

Ed Husic is the first Muslim to be elected to federal parliament.
Ed Husic is the first Muslim to be elected to federal parliament.
Updated 10 sec ago
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Australia’s first Muslim MP calls for country to recognize Palestine

Ed Husic is the first Muslim to be elected to federal parliament.
  • Ed Husic: Govt should follow in UK’s footsteps as part of tide of ‘moral momentum’
  • ‘Hamas is built largely on grievance. That grievance gets removed with the establishment of a state of Palestine’

LONDON: Australia’s first Muslim MP and government minister has said his country should recognize a Palestinian state, following in the footsteps of the UK as part of a tide of “moral momentum.”

The appeal by Labor’s Ed Husic, who was elected in 2010, came as Prime Minister Anthony Albanese is to hold further talks with his British counterpart Keir Starmer in the coming days.

Starmer pledged this week to recognize a Palestinian state in September if Israel fails to reach a ceasefire with Hamas, among other conditions.

If Australia does the same, it would deprive Hamas of its power in Gaza and expedite the peace process, Husic said.

“Hamas is built largely on grievance. That grievance gets removed with the establishment of a state of Palestine, nurtured with the cooperation and support of the international community, progressed through the development of democratic institutions,” he added.

The former minister said his Labor colleagues feel increasingly aggrieved over the situation in Gaza, calling on them to urge Australian recognition of a Palestinian state.

“There is a deep feeling within the caucus, about how right it is to recognize Palestine, and I would much rather that colleagues speak for themselves,” he added.

Foreign Minister Penny Wong signed an international statement calling for an immediate ceasefire between Israel and Hamas.

Albanese, however, declined to immediately follow Starmer’s decision despite Australia’s government previously signaling that it would move in unison with international partners on measures to address the crisis in Gaza.

“What I’ve said is that it’s not the timeline, that’s not what we’re looking at. What we’re looking at is the circumstances where recognition will advance the objective of the creation of two states,” Albanese said at Parliament House after speaking with Starmer this week.

“I’ve said for a long time, my entire political life, I’ve said I support two states … That’s my objective — not making a statement, not giving a political point, but achieving peace.”


Rome summons Russian envoy over Italy president on ‘Russophobe’ list

Rome summons Russian envoy over Italy president on ‘Russophobe’ list
Updated 30 July 2025
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Rome summons Russian envoy over Italy president on ‘Russophobe’ list

Rome summons Russian envoy over Italy president on ‘Russophobe’ list
  • Italy’s foreign ministry said it considered “the inclusion of the head of state in this list a provocation against the republic and the Italian people“
  • Germany’s Chancellor Friedrich Merz is also on the list

ROME: Italy on Wednesday summoned Russia’s ambassador after Moscow included Italian President Sergio Mattarella on a list of Western officials critical of the Kremlin.

Relations between Rome and Moscow — already strained by the Kremlin’s Ukraine invasion — have dipped further in recent days, with Italy canceling a concert last week of a pro-Kremlin maestro.

Italy’s foreign ministry said it considered “the inclusion of the head of state in this list a provocation against the republic and the Italian people.”

Moscow included Mattarella on its foreign ministry list of Western officials whom it accuses of using “the language of hatred” against Russia.

Other European leaders, such as Germany’s Chancellor Friedrich Merz, are also on the list.

As president, Mattarella occupies a largely ceremonial role.

But Moscow has said it included him on its list for having compared Moscow’s aggression in Ukraine to Nazi Germany.

Prime Minister Giorgia Meloni has been a staunch advocate of Kyiv, with Italy hosting a conference on Ukraine’s recovery earlier this month.

In a statement Wednesday, she expressed solidarity for Mattarella and said his inclusion on the list was “nothing more than yet another propaganda operation aimed at diverting attention from Moscow’s serious responsibilities.”

Italy has taken in thousands of Ukrainian refugees since Moscow’s 2022 invasion of the country.


Tens of thousands of Catholics head to Vatican’s Jubilee of Youth

Tens of thousands of Catholics head to Vatican’s Jubilee of Youth
Updated 30 July 2025
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Tens of thousands of Catholics head to Vatican’s Jubilee of Youth

Tens of thousands of Catholics head to Vatican’s Jubilee of Youth
  • The Vatican had last week said it expected some half a million people from more than 150 countries to take part
  • Some 120,000 people attended the opening mass at St. Peter’s Basilica Tuesday evening

VATICAN CITY: Pope Leo XIV made a surprise appearance in a crowd of 120,000 young Catholics who gathered on Tuesday in Rome for the Vatican’s Jubilee of Youth — an event that takes place every 25 years.

The week-long event is taking place just over two months after Leo XIV became the head of the Catholic Church and the first American pope.

Since Monday, groups of pilgrims — chanting and draped in flags of their countries — have flooded the streets of Italy’s capital and the corners of the Vatican City.

The Vatican had last week said it expected some half a million people from more than 150 countries to take part, with this year’s events dedicated to faith and culture.

Some 120,000 people attended the opening mass at St. Peter’s Basilica Tuesday evening, according to the Vatican, where the Pope said he had a special welcome for people from regions affected by war, naming Ukraine and Palestine.

Afterwards, he made a surprise appearance in the crowd aboard his “Popemobile.”

The week will culminate with a giant mass led by Pope Leo on Sunday.

The Jubilee of Youth is aimed at people aged between 18 and 35.

Pilgrims told AFP the subjects they most wanted to discuss at the events were wars, climate change, social inequalities and the dangers linked to AI.

“The most important topic for me is war. Everyone is talking about it, thinking about it, and we want to know what the pope thinks about it and what he expects from us,” said 25-year-old Tiago Santos from Portugal.

The event is taking place after almost two years of Israeli bombardment of Gaza, which has left tens of thousands of Palestinians dead and UN groups warning of starvation in the blockaded territory.

Thousands have also been killed in Ukraine since Russia’s 2022 invasion, with Moscow continuing deadly attacks despite Western pressure to end its campaign.

Teophanie Nasta, a 26-year-old from Lebanon traveling overseas for the first time, said that despite the conflicts in the Middle East she was filled with “faith in humanity by seeing so many young people” gathered for the church.

In an unprecedented move, the Vatican dedicated a series of events to Catholic influencers — a sign of growing importance of social media for the church.

Speaking to them on Tuesday morning, Pope Leo warned against the dangers of undermining “human dignity” in the AI era.