Oxfam's annual inequality report released on Sunday (January 14) said that since 2020, the net worth of the five richest billionaires on the planet has skyrocketed 114% to a total of $869 billion, after adjusting for inflation.
Oxfam predicts the world could have its first trillionaire within a decade if this trend continues.
Jeff Bezos, Warren Buffett, Bernard Arnault, Larry Ellison and Elon Musk have all become much richer in recent years. (Photo: CNN)
Meanwhile, nearly 5 billion people globally are set to become poorer as they face inflation, war and the climate crisis, and it will take the world nearly 230 years to eradicate poverty, Oxfam reports.
The report, based on data compiled by Forbes , was held to coincide with the opening of the annual World Economic Forum meeting in Davos, Switzerland, where world leaders and many of the world's richest billionaires will be present.
Overall, billionaires' wealth has increased by $3.3 trillion, or 34%, since 2020, according to Oxfam. Their wealth has grown three times faster than inflation.
American billionaires added $1.6 trillion to their fortunes during the period, with many adding to their fortunes through stakes in the companies they lead.
Elon Musk, CEO of electric car company Tesla, SpaceX and several other companies, has made the most money in recent years. From March 2020 to November 30, 2023, Elon Musk's assets increased by 737%, to 245.5 billion USD. Next is French billionaire Bernard Arnault, chairman of luxury goods empire LVMH, with assets increasing by 111% to 191.3 billion USD.
Amazon founder Jeff Bezos has a fortune of $167.4 billion, up 24%; while Oracle founder Larry Ellison's fortune is $145.5 billion, up 107%.
Also in the top 5 richest people on the planet, billionaire Warren Buffett, CEO of investment company Berkshire Hathaway, saw his assets increase by 48% to 119.2 billion USD.
In this year's report, Oxfam looked at how businesses make huge profits, helping to boost the fortunes of the wealthy. Seven of the world's 10 largest public companies have CEOs or billionaires as major shareholders.
The report found that the richest 1% of people own 43% of the world's financial assets. In the US, this group owns 32%, while in Asia it is 50%. In the Middle East, the richest 1% owns 48% of financial assets, while in Europe it is 47%.
According to Oxfam, the world's 148 largest corporations made nearly $1.8 trillion in profits in the 12 months to June 2023. The oil, gas, pharmaceutical and financial sectors have made better money in the past 1-2 years than the average of previous years.
Lagerstroemia (Source: CNN, Oxfam)
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