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Marketplace Morning Report

The superrich get richer

Marketplace Morning Report

Marketplace

News, Business

4.5927 Ratings

🗓️ 20 January 2025

⏱️ 8 minutes

🧾️ Download transcript

Summary

From the BBC World Service: Let’s talk about the billionaire boom. Billionaire wealth surged by a staggering $2 trillion last year. That’s three times faster than the year before, according to a new report from Oxfam – which was just released as world leaders and business elites gather for the World Economic Forum in Davos, Switzerland. We’ll unpack. Plus, TikTok is back after a weekend of uncertainty.

Transcript

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0:00.0

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0:53.7

It's about keeping everything secure on. It's about keeping

0:54.4

everything secure. Let's talk about the billionaire boom. Live from the UK, this is the Marketplace

1:01.9

Morning Report from the BBC World Service. I'm Leanna Byrne. Good morning. Billionaire wealth

1:07.1

surged by a staggering $2 trillion last year. That's three times faster than the year before,

1:13.3

according to a new report from the charity Oxfam. And that report was just released as world leaders

1:18.7

and business elites gather for the World Economic Forum in Davos, Switzerland. Max Lawson is head

1:24.4

of inequality policy at Oxfam. Hello. Hello.

1:36.5

So what are the primary drivers behind this very much staggering $2 trillion increase in billionaire wealth last year?

1:42.6

I would say the primary driver is we're seeing more and more control of our economy by billionaires.

1:45.1

And I think everyone can see that on their news screens every day. Billionaires getting involved in politics, the media, and very much controlling the market.

1:51.0

So the returns to billionaires are enormous, and we're seeing a two trillion dollar increase

1:56.4

in their fortunes in the last year. Whilst about the same number of people, 3.5 billion people

2:02.7

are still in poverty, the same number as 1990. So we've got this topsy-turvy world where we're

2:09.0

funneling wealth to the super rich. In your report, you also predict at least five trillionaires

2:15.3

within the next decade. So what does that mean for

...

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