In 2024, Belgian billionaires saw their fortune increase by $19 billion. These figures, revealed by Oxfam on the occasion of the Davos Forum, highlight the worsening economic inequalities in Belgium and around the world.
According to an Oxfam report, Belgium now has ten billionaires, six more than in 2023. Their fortune is considered “largely undeserved”, 79% coming from inheritances and 3% from monopolies. This data is based on figures from the magazine Forbes. The wealth of billionaires in Belgium increased by $19 billion last year, or $53 million a day, Oxfam reports.
The inequalities in Belgium are striking: the richest 1% hold 24% of national wealth, more than the least wealthy 70% combined. This concentration of wealth fuels demands for tax reform. “The government could finally put an end to this machine that perpetuates inequalities and work towards an essential tax reform where the broadest shoulders would contribute equitably“, declared Eva Smets, director of Oxfam Belgium.
A worrying global trend
Globally, the wealth of billionaires jumped by $2 trillion in 2024, an increase three times faster than the previous year. This phenomenon is accompanied by a stagnation in poverty levels since 1990, deplores the organization.
For Amitabh Behar, director general of Oxfam International, this extreme accumulation of wealth reflects “the control of a privileged elite over the global economy“. He adds that this trend paves the way for the emergence of trillionaires, an economic class never seen before.
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To combat these growing inequalities, Oxfam is calling on governments to act. Among the proposed measures are:
- Reinforced taxation of large fortunes and super-inheritances,
- The abolition of tax havens,
- A more equitable redistribution of wealth.
These proposals aim to curb the rise in inequalities and enable a fairer economy. However, their implementation will depend on the political will of States. The Davos Forum will be an opportunity to assess whether these concerns will be taken into account by decision-makers.
Belgian billionaires fortune of billionaires economic inequality Belgium Oxfam Belgium Davos Forum 2024 concentration of wealth tax reform Belgium
