Irish billionaire wealth increased by €13 billion in 2024, three times faster than the year before, according to a new Oxfam report.
This means that billionaires saw their wealth increase by around €35.6 million every day for the past year.
Irish billionaire wealth could carpet the whole of Phoenix Park in €50 notes almost 1.5x over, according to the charity.
CEO of Oxfam Ireland Jim Clarken said in a statement that billionaire's "increasing control" is particularly visible in the upcoming Trump administration.
“President Trump will be a president of and for billionaires, using his power over the world’s largest economy to slash taxes for the ultra-rich and mega-corporations, at the expense of everyone else," he said.
“Trump’s team is set to be the richest ever to run the US government, worth more than an unimaginable $450 billion.
"There are at least 13 billionaires appointed to jobs in his administration - and even if you exclude Elon Musk, Trump's cabinet would be the richest in history...
“We are witnessing the rise of a modern oligarchy, where wealth is used to build and consolidate political power and vice versa.
"Meanwhile, global poverty remains at 1990 levels. We must first acknowledge the disparity and set about reversing the trend.”
Man with many bills or invoices and no money. Alamy 2024Mr Clarken also said that Ireland should lead the charge to equalise the global distribution of wealth.
The report showed that countries in the global North control 69% of global wealth, 77% of billionaire wealth and are home to 68% of billionaires, despite making up just 21% of the global population.
"This report shows us the reality of modern-day colonialism in action with countries in the global North extracting billions from the global South and holding on to a vastly disproportionate political power," Mr Clarken said.
“Ireland, as one of the riches countries per capita in the world situated firmly in the power structures of the global north need to understand our own role in this modern-day colonialism.
"For us to truly honour our past and live up to our promise Ireland must act in solidarity and stand with the countries of the global south as they seek redress, reparations and their rightful place in international economic and political power structures."
Oxfam is calling on the new Government to tax extreme wealth, advocate for debt cancellation for countries in the global South and commit to climate justice.
Main image: Euro banknotes on a Europe map. Picture by: Oleg Elkov / Alamy Stock Photo
