The wealth of the world’s five richest individuals, including Elon Musk, Jeff Bezos, and Bernard Arnault, has more than doubled since 2020, while the total wealth of the poorest five billion people has decreased, says Oxfam’s yearly report on inequality.
The fortunes of these top five men rose by 114% to $869 billion, growing three times faster than inflation. In contrast, the wealth of the poorest five billion, making up 60% of the global population, dropped by 0.2% in real terms.
The report warns that if current trends continue, the world could see its first trillionaire in the next ten years, but it might take another 229 years to eliminate poverty. Oxfam points to corporate power as a key driver of inequality, citing actions like exploiting workers, benefiting shareholders, tax avoidance, and privatizing the state.
