The billionaire’s fortune rose by $2 trillion.

In the year Billionaire wealth will increase by 2024, as the world’s wealthy continue to benefit more from inheritance and powerful connections, according to Oxfam’s latest annual equality report.

The wealth of the world’s richest people rose from $13 trillion to $15 trillion in 12 months, the World Bank said on Sunday. It marks the second biggest annual increase in billionaire wealth since Oxfam’s records began.

Meanwhile, The number of people living in poverty has not changed much since 1990, according to World Bank data. The richest 1% own nearly 45% of the wealth, while 44% of people live below the poverty line of $6.85 a day, the data shows.

Oxfam now expects to see at least five trillionaires within a decade, as the wealth of the world’s richest people continues to rise faster than previously predicted.

“The control of our global economy by a few has reached a level once unimaginable,” said Amitabh Bahr, executive director of Oxfam International.

“The inability to stop billionaires is now soon giving birth to trillionaires. Not only has the wealth of billionaires tripled, but so has their power,” he said.

The report reveals that 60% of billionaire wealth comes from inheritance, monopoly or the power of “spurious connections”, indicating an increase in “unearned wealth”.

Oxfam’s “Takers Not Makers” report comes as billionaire Donald Trump returns to the White House and 3,000 leaders from more than 130 countries prepare to attend the World Economic Forum’s annual meeting in Davos.

Elon Musk, CEO Tesla And Trump’s close ally is on track to become the world’s first trillionaire by 2027, according to a report by the Informa Connection Academy. It is currently worth about 440 billion dollars Bloomberg Billionaires Index It suggests.

The outgoing president of the United States, Joe Biden, this week warned About the rise of an oligarchy of great wealth, power and influence in America.

“People should be able to do what they can, but they should pay — play by the same rules, pay their fair share of taxes,” Biden said in his farewell speech.

Oxfam urged governments to commit to ensuring that the top 10 percent of the world’s incomes do not exceed the bottom 40 percent. Global economic rules must be reformed to break up monopolies and more corporate controls and global tax policies must be reformed to ensure the wealthy pay their fair share, the charity said.

Money flowing into the bank accounts of the super-rich, rather than needed investments in teachers and medicine, is “not only bad for the economy, but bad for humanity,” says Oxfam’s Behar.

Many of the so-called “self-made” are heirs to vast fortunes, handed down generations of unearned privileges. Tax-free inheritance of billions of dollars undermines equity, and perpetuates a new aristocracy in which wealth and power remain locked up. It is in the hands of a few,” he said.