The world’s richest five men, Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg, have more than doubled their fortunes since 2020, Oxfam said in a report, adding that they are now worth a combined $869 billion after growing their fortunes at a rate of $14 million per hour in the past four years.
Titled “Inequality Inc.”, Oxfam released the report on Monday, which says despite the growth in the fortunes of the five, 5 billion people have gotten poorer over the same period.
Billionaires are today $3.3 trillion richer than they were in 2020, while a billionaire leads 7 out of 10 of the world’s biggest companies, the London-based charity said. If current trends continue, the world will have its first trillionaire within a decade but poverty will not be eradicated for another 229 years.
Oxfam said it would take 476 years for the 5 richest to exhaust all their money if they decided to spend $1 million per day. While Musk will take 673 years, Bezos will need 459 to exhaust his wealth.
Another interesting point highlighted in the report is the fact that the world’s richest 1 per cent own 43 per cent of all global financial assets.
It is no secret that the wealth of the world’s billionaires, especially Elon Musk, has witnessed an astronomical rise since 2020, owing to a surge in Tesla stocks. His net worth stands at $206 billion as of today.
“The richest people in our world remain the big winners at this time of crisis. In 2023, billionaires are $3.3 trillion or 34 per cent richer than they were in 2020 at the beginning of this decade of division. The number of millionaires is projected to increase by 44 per cent between now and 2027, while the number of people worth $50 million and above is set to increase by 50 per cent,” said the report.
While the world’s richest have seen their wealth accelerate, the world’s poorest have found no such luck as rising levels of inflation, economic impact of climate change and geopolitical conflicts have made their lives tougher.
The report highlighted that during the same period, almost five billion people around the globe have become poorer. “Hardship and hunger are a daily reality for many people worldwide. At current rates, it will take 230 years to end poverty, but we could have our first trillionaire in 10 years,” the report said.
Oxfam traditionally releases its annual report on inequality just ahead of the opening of the annual World Economic Forum (WEF).
