It’s never been a better time to be a billionaire. 

Their wealth has skyrocketed to unprecedented levels, while people living in poverty all over the world continue to face multiple crises. Billionaire wealth rose sharply in 2024, with the pace of the increase three times faster than in 2023. 

Trillions are being gifted in inheritance, creating a new aristocratic oligarchy that has immense power in our politics and our economy. Meanwhile, almost 3.6 billion people still leave below the $6.84 poverty line. This report makes the case that the extreme wealth of today’s billionaire class is largely unearned.