Oxfam says in a report that the five richest people in the world – Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison and Mark Zuckerberg – have doubled their wealth since 2020. He added that due to asset expansion, he now has assets totaling $869 billion. Over the past four years he has increased at the rate of 14 million dollars per hour.
On Monday, Oxfam released a report titled 'Inequality Inc', which found that five billion people became poorer over the same period, even as five people's wealth increased.
Billionaires are now $3.3 trillion richer than they were in 2020, and seven of the world's 10 largest companies are led by billionaires, according to a London-based charity. That's what it means. If current trends continue, the world will have its first billionaire within 10 years, but poverty will not be eradicated for another 229 years.
Oxfam said that if the five richest people decided to spend $1 million a day, it would take them 476 years to spend all their money. It will take Bezos 459 years to exhaust his wealth, compared to 673 years for Musk.
Another interesting point highlighted in the report is the fact that the world's richest 1% own 43% of the world's financial assets.
It's no secret that the fortunes of the world's billionaires, especially Elon Musk, have risen astronomically since 2020 due to the soaring Tesla stock price. As of today, his net worth is $206 billion.
“The world's richest people continue to be the big winners during this time of crisis. Billionaires will have $3.3 trillion more in wealth in 2023 than they did in 2020, when this decade of division began. or 34% wealthier. The number of billionaires is projected to increase by 44% between now and 2027, and the number of people with assets of $50 million or more is expected to increase by 50%.“ the report states.
While the world's richest people are seeing their wealth accelerate, the world's poorest people are out of luck as rising inflation levels, the economic impacts of climate change, and geopolitical conflicts make life even tougher. I'm not blessed either.
The report highlighted that around 5 billion people became poor around the world during the same period. “Hardship and hunger are everyday realities for many people around the world. At the current pace, it will take 230 years to eliminate poverty, but the first trillionaire will be created within 10 years.” „Possible,“ the report states.
Oxfam traditionally releases its annual report on inequality just before the start of the annual World Economic Forum (WEF).