The world could see its first trillionaire within 10 years if current inequality trends continue, stated the Oxfam International group in a report published on Monday (15), reflecting the growing disparity between the rich and the poor worldwide.
The report, titled “Inequality Inc.”, was released on the same day as the annual World Economic Forum in Davos, Switzerland. The authors of the study claim that the world is experiencing a “decade of division,” emphasizing that since 2019, the five richest people in the world have nearly doubled their wealth, while almost 5 billion people have become poorer.
Using data from Forbes, the authors of the report calculated that the combined wealth of the five richest men in the world – Tesla CEO Elon Musk; Bernard Arnault and his family, owners of the luxury goods group LVMH; Amazon founder Jeff Bezos; Oracle founder Larry Ellison; and investor Warren Buffett – increased from $453 billion in 2019 to $869 billion in November 2023.
According to the methodology used, the authors highlighted that if this growth trajectory continues, Musk – the richest person in the world, according to Forbes – is expected to become a trillionaire in less than nine years.
“If each of the five richest men spent a million dollars daily, it would take them 476 years to deplete their combined wealth,” wrote the authors of Oxfam.
However, Oxfam states that for the poorest people in the world – who primarily include women and marginalized groups in all societies – “everyday life has become more brutal” since 2019. The reasons include the effects of the coronavirus pandemic, as well as the escalation of conflicts, the acceleration of the climate crisis, and the rising cost of living.”
Source: The Washington Post