Billionaire wealth will surge in 2024 as the world's richest people increasingly benefit from inheritances and strong connections, Oxfam said in its annual inequality report on Monday.

The global charity said on Sunday that the combined wealth of the world's richest people rose from $13 trillion to $15 trillion in just 12 months. This is the second-biggest annual increase in billionaire wealth since Oxfam recorded it.

Meanwhile, the number of people living in poverty has changed little since 1990, the charity said, citing World Bank data. Data shows that the richest 1% own nearly 45% of the wealth, while 44% live below the World Bank's poverty line of $6.85 a day.

Oxfam now expects there will be at least five trillionaires within a decade as the wealth of the world's richest people rises faster than previously predicted.

"The control of the global economy by a privileged few has reached levels once thought unimaginable," said Amitabh Behar, executive director of Oxfam International.

"The failure to stop billionaires is now creating soon-to-be trillionaires. Not only are billionaires accumulating wealth three times faster, but their power is also accelerating," he said.

The report highlights the rise in "undeserved wealth", suggesting that 60% of billionaire wealth now comes from inheritance, monopoly or "nepotism" power.

Oxfam's 'Taker not Creator' report comes as billionaire Donald Trump returns to the White House and 3,000 leaders from more than 130 countries prepare to attend the annual World Economic Forum in Davos meeting.

Elon Musk, CEO of Tesla and a close ally of Trump, is expected to become the world's first trillionaire by 2027, according to a report by Informa Connect Academy. The Bloomberg Billionaires Index shows he is currently worth about $440 billion.

Outgoing President Joe Biden warned this week that "the United States is developing an oligarchy of extreme wealth, power and influence."

"People should be able to make as much money as possible but play by the same rules and pay their fair share of taxes," Biden said in his farewell address.

Oxfam urges governments to commit to ensuring that the top 10% of the world's population earn no more than the bottom 40%. The charity said global economic rules should be adjusted to break up monopolies, and more corporate regulation and global tax policies should be adopted to ensure the rich pay their fair share.

Oxfam's Behar said the flow of money into the bank accounts of the super-rich, rather than much-needed investment in teachers and medicines, was "not only bad for the economy but bad for humanity".

"Many so-called 'self-made men' are actually heirs to vast wealth that have been passed down through generations of unearned privilege. It is an affront to equity that billions of dollars of inheritance are not taxed, allowing wealth and power to remain locked in The perpetuation of a new aristocracy in the hands of a few,” he said.