The wealthiest men in the world have doubled their Wealth since 2020, but five billion people have lost money
According to Oxfam’s annual report on inequality, the wealth of the world’s five richest persons—Elon Musk, Jeff Bezos, and Bernard Arnault—has more than doubled since 2020, while the combined wealth of the world’s poorest five billion people has fallen.
The wealthiest five men had an increase in wealth of 114% to $869 billion, expanding at a rate three times higher than inflation.
On the other hand, the real wealth of the world’s poorest five billion people, who account for 60% of the total population, decreased by 0.2%.
The analysis cautions that although it might take an additional 229 years to eradicate poverty, if current trends continue, the world may witness the birth of its first trillionaire within the next ten years.
Oxfam identifies corporate dominance as a major contributor to inequality, noting practices such as tax evasion, labor exploitation, shareholder profiting, and state privatization.
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