By Claire Moraa
- Global billionaire wealth skyrocketed by $2T—three times faster in 2024 compared to 2023
- 3.5 billion people are still living in abject poverty, three decades later
Inheritance. Sure. It’s one way of becoming a billionaire. However, there’s a small group of ultra-rich individuals who have amassed a significant amount of wealth through corruption. To put it in perspective, the number of billionaires grew by over 200 in a span of twelve months between 2023 and 2024. On the other hand, 44% of the global population is poor. The proceeds of corruption are far-reaching seeing how easy it is to rise to Maslow’s hierarchy while in three decades, the number of poor people keeps growing.
Why This Matters: Four new billionaires per week raises concerns about wealth inequality and social justice. The average American says that $200,000 a year could afford them a comfortable life. And while this is barely a drop of the billionaires’ wealth, not many of them earn this amount. The stark disparity between the accumulation of extreme wealth and the persistent levels of poverty uncovers the systemic economic inequities that exist. At the top of the hierarchy, the rich get richer because they have access to resources, investments, and opportunities that generate more wealth. They will even get out of paying taxes.
Those on the bottom of the economic ladder have limited opportunities, stagnant wages, and lack of access to quality education. Their worlds never meet because they will never be in the same rooms. As a result, the divide between the wealthy and the poor continues to widen, perpetuating cycles of poverty and economic instability. As if that’s not enough, in the next decade, the trillionaire status will be accorded to five individuals. This growing wealth gap threatens democracy. As the rich climb the ladder, they also have more power on policy making and their decisions can stifle the economy if the poor don’t have a seat at the table.
Situational Awareness: The coexistence of the rapid rise in the number of billionaires and the persistence of a large population living in poverty creates a pressing need for a re-evaluation of global economic and social policies. Why are we comfortable stepping on the vulnerable to top the economic ladder? What safety net can be used to cushion those on the poverty scale? Can governments put an end to corruption?
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