Takers not Makers<\/a>\u201d report.<\/p>\n\n\n\nIt shows that in total, the number of billionaires worldwide rose from 2,565 in 2023 to 2,769 in 2024, and their combined wealth increased from $13 trillion to $15 trillion. <\/p>\n\n\n\n
The wealth of the world’s ten richest men has grown by an average of nearly $100 million a day. <\/p>\n\n\n\n
According to Oxfam, the world may see at least five trillionaires within the next ten years. <\/p>\n\n\n\n
The report said that this concentration of wealth is enabled by the monopolisation of power, where billionaires increasingly influence industries and public opinion.<\/p>\n\n\n\n
Meanwhile, the number of people living in poverty has remained relatively unchanged since 1990, according to World Bank data. <\/p>\n\n\n\n
The report suggests that 60% of billionaire wealth comes from inheritance, monopoly power, or crony connections, rather than being earned. <\/p>\n\n\n\n
They calculate that 36% of billionaire wealth is inherited. This wealth is perpetuated through generations of untaxed inheritances, creating a \u201cnew aristocracy\u201d.<\/p>\n\n\n\n
The report also highlights that many of the super-rich owe their wealth to historical colonialism and the exploitation of poorer countries. <\/p>\n\n\n\n
This dynamic of wealth extraction continues as vast sums of money still flow from the Global South to the Global North, and their richest citizens.<\/p>\n\n\n\n
What about South Africa<\/h2>\n\n\n\n South Africa’s wealthiest individuals have also experienced significant gains. <\/p>\n\n\n\n
In 2024, the six richest South African billionaires saw a combined increase of $5.8 billion in their net worth. <\/p>\n\n\n\n
As of January 2025, their collective net worth is estimated at $31.1 billion. <\/p>\n\n\n\n
Johann Rupert<\/strong> maintains his position as the richest South African, and the second richest person in Africa with a net worth of $12.8 billion. <\/p>\n\n\n\nHe is the chairman of Richemont, a Swiss-based luxury goods company. Rupert\u2019s wealth increased by $2.7 billion in the past year. <\/p>\n\n\n\n
Nicky Oppenheimer<\/strong>, a former diamond magnate, saw his net worth increase by $1.2 billion, reaching $9.5 billion.<\/p>\n\n\n\nOther notable increases in wealth among South African billionaires include:<\/p>\n\n\n\n
\nKoos Bekker<\/strong>, chairman of Naspers, who gained $0.5 billion, reaching a net worth of $2.8 billion.<\/li>\n\n\n\nPatrice Motsepe<\/strong>, a mining boss and Africa\u2019s first black billionaire, saw a $300 million increase, with his net worth reaching $2.7 billion.<\/li>\n\n\n\nMichiel le Roux<\/strong>, founder of Capitec, and Christoffel Wiese<\/strong>, a retail businessman, both experienced increases of $0.5 and $0.6 billion respectively. Several of these South African billionaires significantly improved their world ranking positions, with Rupert remaining the only South African among the top 200 wealthiest individuals globally.<\/li>\n<\/ul>\n\n\n\nJan-24<\/strong><\/td>Jan-25<\/strong><\/td>Billionaire<\/strong><\/td>Jan-24 net worth<\/strong><\/td>Jan-25 net worth<\/strong><\/td>Change<\/strong><\/td><\/tr>195<\/td> 172<\/mark><\/td>Johann Rupert<\/td> $10.1 billion<\/td> $12.8 billion<\/td> +$2.7 billion<\/td><\/tr> 282<\/td> 270<\/mark><\/td>Nicky Oppenheimer<\/td> $8.3 billion<\/td> $9.5 billion<\/td> +$1.2 billion<\/td><\/tr> 1341<\/td> 1208<\/mark><\/td>Koos Bekker<\/td> $2.3 billion<\/td> $2.8 billion<\/td> +$0.5 billion<\/td><\/tr> 1292<\/td> 1234<\/mark><\/td>Patrice Motsepe<\/td> $2.4 billion<\/td> $2.7 billion<\/td> +$0.3 billion<\/td><\/tr> 2347<\/td> 1883<\/mark><\/td>Michiel le Roux<\/td> $1.2 billion<\/td> $1.7 billion<\/td> +$0.5 billion<\/td><\/tr> 2494<\/td> 1990<\/mark><\/td>Christoffel Wiese<\/td> $1.0 billion<\/td> $1.6 billion<\/td> +$0.6 billion<\/td><\/tr> <\/td> <\/td> Total<\/strong><\/td>$25.3 billion<\/strong><\/td>$31.1 billion<\/strong><\/td>+$5.8 billion<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\nCalls for intervention to end extreme wealth<\/h2>\n\n\n\n “Oxfam urges governments to tax the richest to reduce inequality, end extreme wealth, and dismantle the new aristocracy,” said the company.<\/p>\n\n\n\n
“Former colonial powers must address past harms with reparations,” it added.<\/p>\n\n\n\n
Additionally, it proposes measures to end the flow of wealth from the Global South to the Global North, including canceling debts and restructuring voting powers in international financial institutions.<\/p>\n\n\n\n
The report emphasises that the extreme wealth of a few diverts needed resources from vital public services like education and healthcare. <\/p>\n\n\n\n
Oxfam said that the issues of unearned wealth, and the perpetuation of wealth through inheritance, have become key points of concern. <\/p>\n\n\n\n
The growth in wealth of South African billionaires, in tandem with global trends, highlights worsening economic inequality.<\/p>\n\n\n\n
A new Oxfam report shows that global billionaire wealth has seen a dramatic increase in 2024, rising by about $5.7 billion each day. <\/p>\n","protected":false},"author":10,"featured_media":777601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[4932,7330],"class_list":["post-808580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-billionaires","tag-oxfam"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/808580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=808580"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/808580\/revisions"}],"predecessor-version":[{"id":808699,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/808580\/revisions\/808699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/777601"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=808580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=808580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=808580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}