A human rights expert explains why wealth accumulation is increasing at an accelerated rate during the era of the billionaire.

• Last year, Oxfam's annual inequality report revealed that 204 new billionaires emerged.
• Some of the world's wealthiest people urged elected representatives to impose higher taxes on the wealthiest individuals in society following the release of Oxfam's report.

The rich are getting richer.

The combined wealth of the world's wealthiest individuals increased by $2 trillion in just one year, according to Oxfam's latest inequality report, marking the second-largest annual increase in billionaire wealth since the charity began tracking this data.

In 2023, approximately 204 new billionaires were created, resulting in a total of 2,769 billionaires, an increase from 2,565 in the previous year, according to a global charity.

The 2025 tax season has commenced, according to the IRS. The Trump administration's impact on your finances is uncertain. House Republicans are advocating for an extension of the Trump tax cuts.

According to Amitabh Behar, Executive Director of Oxfam International, not only has the rate of billionaire wealth accumulation tripled, but so has their power.

""The billionaire era is upon us, but the challenge lies in making it the era of the 99%," stated Jenny Ricks, general secretary of Fight Inequality Alliance."

Although America is the wealthiest country globally in terms of GDP, 36.8 million Americans still live in poverty, which is 11.1% of the total population, according to the latest U.S. Census Bureau report.

Ricks emphasized the importance of government prioritizing the needs and rights of people, including increased funding for education, healthcare, and other social services.

'Tax us, the super rich'

Some of the world's wealthiest people urged elected representatives of the world's leading economies to impose higher taxes on the wealthiest individuals in society following the release of Oxfam's report.

In a letter to political leaders at the annual World Economic Forum in Davos, Switzerland, over 370 billionaires and millionaires expressed a desire to address the damaging effects of extreme wealth.

The simplest solution, as suggested in the letter, is to tax the super rich.

36% of billionaire wealth is inherited

UBS reported that baby boomer billionaires' heirs will inherit an estimated $6.3 trillion over the next 15 years, while Oxfam found that 36% of billionaire wealth is now inherited.

The report predicts that as the great wealth transition progresses, the number of multigenerational billionaires will rise.

Oxfam's analysis reveals that half of the world's billionaires reside in countries without inheritance tax for direct descendants.

The federal estate tax in the U.S. can be as high as 40%, applied to estates exceeding the current exclusion limit.

In 2025, the basic exclusion amount increased to $13.99 million per person, compared to $13.61 million in 2024.

President Trump has pledged to implement the full extension of the tax breaks he introduced through the Tax Cuts and Jobs Act in 2017, which also increased the estate and gift tax exemption.

If Congress does not act, the higher estate and gift tax exemption will expire in 2025, and the exclusion will revert to 2017 levels, adjusted for inflation.

TCJA extensions have been criticized by some Democrats as benefiting the wealthy more than middle-class families.