71 Billionaires, 5.7 Million in Absolute Poverty in Italy

Rome: The wealth of Italy’s billionaires in 2024 increased by 61.1 billion euros, or 166 million per day, reaching a total of 272.5 billion euros owned by 71 individuals, Oxfam stated in its report ‘Inequality: Unfair Poverty and Undeserved Wealth’ published on Monday for the World Economic Forum annual meeting in Davos.

According to Ansa News Agency, the survey highlighted the growing gap between wealth and poverty worldwide, expressing significant concern for absolute poverty. In 2023, absolute poverty in Italy remained stable compared to the previous year, but over 2.2 million households, comprising a total of 5.7 million people, lived in absolute poverty.

The report further revealed that 5% of the wealthiest families possessed 47.7% of the national wealth, underscoring the stark disparity in wealth distribution within the country.